https://www.taxtmi.com/caselaws?id=760251 ITAT Raipur allowed the appeal regarding additions under sections 69A and 69B for excess jewelry stock found during search. The assessee successfully explained the difference between physical and recorded stock through corroborative evidence including supplier bills, GST returns, and confirmations obtained under section 133(6) proceedings. The tribunal found that revenue authorities failed to provide cogent evidence to counter the assessee's explanation and relied on presumptive thoughts without material support. The assessee's retraction was deemed valid as it was substantiated with documentary evidence. Consequently, the addition was deleted and section 115BBE provisions were held inapplicable. en-us Wed, 20 Mar 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760251 ITAT Raipur allowed the appeal regarding additions under sections 69A and 69B for excess jewelry stock found during search. The assessee successfully explained the difference between physical and recorded stock through corroborative evidence including supplier bills, GST returns, and confirmations obtained under section 133(6) proceedings. The tribunal found that revenue authorities failed to provide cogent evidence to counter the assessee's explanation and relied on presumptive thoughts without material support. The assessee's retraction was deemed valid as it was substantiated with documentary evidence. Consequently, the addition was deleted and section 115BBE provisions were held inapplicable. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760251