https://www.taxtmi.com/caselaws?id=450871 ITAT Delhi ruled in favor of a firm engaged in gold jewellery trading regarding excess stock found during survey operations. The tribunal held that when an assessee maintains complete books of accounts with no defects pointed out by authorities, and successfully reconciles stock differences found during survey with supporting evidence, no addition under Section 69 read with Section 115BBE can be made. The AO and CIT(A) failed to identify any discrepancies in the reconciliation or supporting documents provided. The tribunal directed deletion of the addition made for excess stock, allowing the assessee's appeal. en-us Wed, 07 Feb 2024 00:00:00 +0530 Thu, 14 Mar 2024 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450871 ITAT Delhi ruled in favor of a firm engaged in gold jewellery trading regarding excess stock found during survey operations. The tribunal held that when an assessee maintains complete books of accounts with no defects pointed out by authorities, and successfully reconciles stock differences found during survey with supporting evidence, no addition under Section 69 read with Section 115BBE can be made. The AO and CIT(A) failed to identify any discrepancies in the reconciliation or supporting documents provided. The tribunal directed deletion of the addition made for excess stock, allowing the assessee's appeal. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450871