https://www.taxtmi.com/caselaws?id=458226 The ITAT Raipur upheld CIT(A)'s decision to delete additions made by AO based on search operations. Regarding excess stock of raw materials, the tribunal found AO's addition arbitrary as no comparison was made with regular books of accounts, which were properly maintained and audited. The stock inventory prepared during search was deemed unreliable. For unexplained cash, since cash wasn't identified with specific assessee during search and was collectively managed by family members, with excess already taxed in hands of eldest family member, deletion was justified. Concerning loose papers found during search, AO failed to describe nature of entries, and assessee's explanation that amounts were covered by withdrawals was reasonable. Appeal decided against revenue. en-us Mon, 01 Jul 2019 00:00:00 +0530 Wed, 16 Oct 2024 20:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458226 The ITAT Raipur upheld CIT(A)'s decision to delete additions made by AO based on search operations. Regarding excess stock of raw materials, the tribunal found AO's addition arbitrary as no comparison was made with regular books of accounts, which were properly maintained and audited. The stock inventory prepared during search was deemed unreliable. For unexplained cash, since cash wasn't identified with specific assessee during search and was collectively managed by family members, with excess already taxed in hands of eldest family member, deletion was justified. Concerning loose papers found during search, AO failed to describe nature of entries, and assessee's explanation that amounts were covered by withdrawals was reasonable. Appeal decided against revenue. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458226