https://www.taxtmi.com/caselaws?id=461904 ITAT Raipur dismissed assessee's appeal regarding excess stock found during survey u/s 133A. Tribunal upheld addition based on survey statement despite retraction, finding retraction was an afterthought since assessee admitted additional income in return. However, ITAT directed AO to recast tentative trading account using correct opening stock figure from audited accounts and apply actual GP rate of 5.8% instead of 24.14%. Addition for excess cash was upheld as assessee failed to provide plausible explanation for variance found during survey proceedings. en-us Thu, 30 Mar 2023 00:00:00 +0530 Wed, 07 May 2025 18:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461904 ITAT Raipur dismissed assessee's appeal regarding excess stock found during survey u/s 133A. Tribunal upheld addition based on survey statement despite retraction, finding retraction was an afterthought since assessee admitted additional income in return. However, ITAT directed AO to recast tentative trading account using correct opening stock figure from audited accounts and apply actual GP rate of 5.8% instead of 24.14%. Addition for excess cash was upheld as assessee failed to provide plausible explanation for variance found during survey proceedings. Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461904