https://www.taxtmi.com/caselaws?id=766482 Where regular books of account and day-to-day stock records are not found defective, a bank stock statement inflated for credit facilities cannot by itself justify an addition for alleged stock difference; the physical stock was accepted as in parity with the books and the estimated variance was deleted. Likewise, an ad hoc disallowance of expenses for possible personal use cannot stand without specific evidence or identifiable instances of such use; the conjectural disallowance was deleted. The assessee therefore obtained relief on both disputed additions, and the assessment additions were set aside. en-us Fri, 21 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766482 Where regular books of account and day-to-day stock records are not found defective, a bank stock statement inflated for credit facilities cannot by itself justify an addition for alleged stock difference; the physical stock was accepted as in parity with the books and the estimated variance was deleted. Likewise, an ad hoc disallowance of expenses for possible personal use cannot stand without specific evidence or identifiable instances of such use; the conjectural disallowance was deleted. The assessee therefore obtained relief on both disputed additions, and the assessment additions were set aside. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766482