https://www.taxtmi.com/caselaws?id=763584 The ITAT Delhi allowed the assessee's appeal regarding undisclosed stock addition under Section 69B, finding no deficit in closing stock after proper calculation eliminating profit element on finished goods. The tribunal deleted the addition made by CIT(A) for excess closing stock. Regarding car expenses, ITAT allowed the assessee's claim, rejecting CIT(A)'s ad hoc disallowance of maintenance expenses since partners had personal vehicles for personal use. Car depreciation was properly allowed as statutory entitlement. For unaccounted sales addition under Section 69A, ITAT upheld CIT(A)'s application of 28.10% gross profit rate, noting only profit element should be taxed when unaccounted purchases correspond to unaccounted sales. en-us Wed, 18 Dec 2024 00:00:00 +0530 Mon, 23 Dec 2024 08:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763584 The ITAT Delhi allowed the assessee's appeal regarding undisclosed stock addition under Section 69B, finding no deficit in closing stock after proper calculation eliminating profit element on finished goods. The tribunal deleted the addition made by CIT(A) for excess closing stock. Regarding car expenses, ITAT allowed the assessee's claim, rejecting CIT(A)'s ad hoc disallowance of maintenance expenses since partners had personal vehicles for personal use. Car depreciation was properly allowed as statutory entitlement. For unaccounted sales addition under Section 69A, ITAT upheld CIT(A)'s application of 28.10% gross profit rate, noting only profit element should be taxed when unaccounted purchases correspond to unaccounted sales. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763584