https://www.taxtmi.com/caselaws?id=759317 ITAT Raipur dismissed revenue's appeal across multiple grounds. The tribunal upheld CIT(A)'s deletion of additions under section 68 for unexplained loans, finding proper documentation of creditor identity change. Stock valuation addition was deleted as assessee followed consistent method and AO failed to establish departure. Raw material consumption discrepancy was deemed clerical error with adequate explanation. Section 41(1) addition for fictitious liabilities was deleted as revenue couldn't prove cessation. Interest disallowance on unsecured loans was reversed following consistency principle from prior years. Addition based on stock statements to banks was deleted following HC precedents that such statements cannot establish undisclosed investment under section 69B. en-us Thu, 05 Sep 2024 00:00:00 +0530 Fri, 27 Sep 2024 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759317 ITAT Raipur dismissed revenue's appeal across multiple grounds. The tribunal upheld CIT(A)'s deletion of additions under section 68 for unexplained loans, finding proper documentation of creditor identity change. Stock valuation addition was deleted as assessee followed consistent method and AO failed to establish departure. Raw material consumption discrepancy was deemed clerical error with adequate explanation. Section 41(1) addition for fictitious liabilities was deleted as revenue couldn't prove cessation. Interest disallowance on unsecured loans was reversed following consistency principle from prior years. Addition based on stock statements to banks was deleted following HC precedents that such statements cannot establish undisclosed investment under section 69B. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759317