Income Tax Tribunal Removes Double Counting of Sales and Stock, Favors Assessee in Unaccounted Sales Dispute.

Income Tax Tribunal Removes Double Counting of Sales and Stock, Favors Assessee in Unaccounted Sales Dispute. https://www.taxtmi.com/highlights?id=76328 Additions towards the alleged unaccounted sales - The AT noted that the addition had been deleted by the ld. CIT(A), and since there was no appeal from the Revenue, this issue was resolved in favor of the assessee. Concerning the stock difference, it was observed that the gross profit until the survey date was already included in the gross profit for the entire financial year, thus making any additional addition redundant and amounting to double counting. Consequently, the AT directed the Assessing Officer to delete the addition. en-us Thu, 04 Apr 2024 08:20:19 +0530 Thu, 04 Apr 2024 08:20:19 +0530 TaxTMI RSS Generator Income Tax Tribunal Removes Double Counting of Sales and Stock, Favors Assessee in Unaccounted Sales Dispute. https://www.taxtmi.com/highlights?id=76328 Additions towards the alleged unaccounted sales - The AT noted that the addition had been deleted by the ld. CIT(A), and since there was no appeal from the Revenue, this issue was resolved in favor of the assessee. Concerning the stock difference, it was observed that the gross profit until the survey date was already included in the gross profit for the entire financial year, thus making any additional addition redundant and amounting to double counting. Consequently, the AT directed the Assessing Officer to delete the addition. Highlights Income Tax Thu, 04 Apr 2024 08:20:19 +0530 https://www.taxtmi.com/highlights?id=76328