https://www.taxtmi.com/caselaws?id=449893 The ITAT Chennai upheld the CIT(A)'s decision to delete the addition made under section 69 for excess physical stock found during survey. The assessee successfully demonstrated that physical inventory was valued at selling price while book stock was at cost price, requiring adjustments for GST and gross profit components. The CIT(A) correctly directed assessment of only gross profit on stock difference as business income rather than unexplained investment under section 115BBE. The AO failed to controvert the assessee's reconciliation workings and relied merely on survey statements without additional verification efforts. en-us Tue, 20 Feb 2024 00:00:00 +0530 Thu, 22 Feb 2024 08:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449893 The ITAT Chennai upheld the CIT(A)'s decision to delete the addition made under section 69 for excess physical stock found during survey. The assessee successfully demonstrated that physical inventory was valued at selling price while book stock was at cost price, requiring adjustments for GST and gross profit components. The CIT(A) correctly directed assessment of only gross profit on stock difference as business income rather than unexplained investment under section 115BBE. The AO failed to controvert the assessee's reconciliation workings and relied merely on survey statements without additional verification efforts. Case-Laws Income Tax Tue, 20 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449893