https://www.taxtmi.com/caselaws?id=447651 ITAT Mumbai allowed the assessee's appeal, deleting additions made under section 153A assessment. The tribunal held that Excel sheets were merely controlling sheets for jewellery computation, not parallel books of account, following precedent in Saurav Jewellers case. Additions for making charges and wastage claims were deleted. Addition for unrecorded sales profit was upheld as deleted by CIT(A) due to discrepancies in Excel sheets and no physical stock shortage found. Section 68 addition for share application money was deleted as assessee discharged initial burden by providing investor details, bank transactions, and documentation. Section 14A disallowance was limited to exempt income following Madras HC precedent in Marg Limited case. en-us Thu, 19 Oct 2023 00:00:00 +0530 Mon, 01 Jan 2024 20:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447651 ITAT Mumbai allowed the assessee's appeal, deleting additions made under section 153A assessment. The tribunal held that Excel sheets were merely controlling sheets for jewellery computation, not parallel books of account, following precedent in Saurav Jewellers case. Additions for making charges and wastage claims were deleted. Addition for unrecorded sales profit was upheld as deleted by CIT(A) due to discrepancies in Excel sheets and no physical stock shortage found. Section 68 addition for share application money was deleted as assessee discharged initial burden by providing investor details, bank transactions, and documentation. Section 14A disallowance was limited to exempt income following Madras HC precedent in Marg Limited case. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447651