https://www.taxtmi.com/caselaws?id=763634 ITAT Delhi partially allowed the assessee's appeal regarding excess stock valuation under section 69. The tribunal reduced the excess stock addition by 50% (Rs. 3,27,426) of the disputed 213 grams of 22K jewellery claimed to be held for repair work, acknowledging the business nature despite the assessee's failure to inform survey officers. For short stock found during survey, ITAT reduced the gross profit rate from CIT(A)'s 25% to 12.72% based on the assessee's balance sheet, directing AO to recalculate accordingly on the short stock value of Rs. 9,19,350. en-us Fri, 20 Dec 2024 00:00:00 +0530 Tue, 24 Dec 2024 08:28:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763634 ITAT Delhi partially allowed the assessee's appeal regarding excess stock valuation under section 69. The tribunal reduced the excess stock addition by 50% (Rs. 3,27,426) of the disputed 213 grams of 22K jewellery claimed to be held for repair work, acknowledging the business nature despite the assessee's failure to inform survey officers. For short stock found during survey, ITAT reduced the gross profit rate from CIT(A)'s 25% to 12.72% based on the assessee's balance sheet, directing AO to recalculate accordingly on the short stock value of Rs. 9,19,350. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763634