https://www.taxtmi.com/caselaws?id=765113 ITAT Nagpur dismissed Revenue's appeal challenging CIT(A)'s deletion of additions for unexplained expenditure u/s 69C and excess stock valuation. The assessee had made an ad hoc surrender of undisclosed income. ITAT held that since assessee declared additional income voluntarily, separate additions for unexplained expenditure were not warranted as they were covered by the declaration. Regarding stock valuation differences, ITAT found no discrepancy in physical quantity and books were not rejected u/s 145(3). Mid-year valuation differences cannot create taxable income when year-end valuation was accepted. Double taxation through separate additions and ad hoc surrender would violate Article 265 of Constitution. en-us Tue, 21 Jan 2025 00:00:00 +0530 Tue, 03 Jun 2025 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765113 ITAT Nagpur dismissed Revenue's appeal challenging CIT(A)'s deletion of additions for unexplained expenditure u/s 69C and excess stock valuation. The assessee had made an ad hoc surrender of undisclosed income. ITAT held that since assessee declared additional income voluntarily, separate additions for unexplained expenditure were not warranted as they were covered by the declaration. Regarding stock valuation differences, ITAT found no discrepancy in physical quantity and books were not rejected u/s 145(3). Mid-year valuation differences cannot create taxable income when year-end valuation was accepted. Double taxation through separate additions and ad hoc surrender would violate Article 265 of Constitution. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765113