https://www.taxtmi.com/caselaws?id=774050 The Tribunal dismissed the Revenue's appeal regarding additions made during demonetization period. The AO's addition under section 68 for alleged undisclosed cash sales was deleted as the assessee provided comprehensive documentation including PAN details, bank statements, and stock records. The Tribunal held that once purchases are accepted and sufficient stock exists, corresponding sales cannot be questioned on mere presumption. Regarding closing stock undervaluation, the Tribunal upheld CIT(A)'s deletion of the major addition, finding the AO failed to justify rejecting the assessee's consistent valuation method under ICDS-II and denied reasonable hearing opportunity. Only a nominal 5% addition was sustained to safeguard revenue interests. en-us Fri, 13 Jun 2025 00:00:00 +0530 Wed, 02 Jul 2025 08:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774050 The Tribunal dismissed the Revenue's appeal regarding additions made during demonetization period. The AO's addition under section 68 for alleged undisclosed cash sales was deleted as the assessee provided comprehensive documentation including PAN details, bank statements, and stock records. The Tribunal held that once purchases are accepted and sufficient stock exists, corresponding sales cannot be questioned on mere presumption. Regarding closing stock undervaluation, the Tribunal upheld CIT(A)'s deletion of the major addition, finding the AO failed to justify rejecting the assessee's consistent valuation method under ICDS-II and denied reasonable hearing opportunity. Only a nominal 5% addition was sustained to safeguard revenue interests. Case-Laws Income Tax Fri, 13 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774050