https://www.taxtmi.com/caselaws?id=775312 The ITAT Mumbai upheld the deletion of additions made for alleged undisclosed sales and unexplained stock transfer. The AO's reliance on CCTV footage from a single day to extrapolate sales suppression over the year was deemed speculative and lacked a reasonable basis. Documentary evidence, including cash books and sales registers, showed sales were properly recorded. Regarding the 27 kg gold stock transfer, the assessee reconciled transfers through invoices and statutory declarations, with no corroborative evidence from tax authorities or reliable witnesses to prove otherwise. The AO's contradictory acceptance of Mumbai HO books but rejection of Cuttack branch books was criticized. The CIT(A) rightly found the additions to be based on conjecture without cogent evidence and ruled in favor of the assessee. en-us Mon, 21 Jul 2025 00:00:00 +0530 Wed, 23 Jul 2025 08:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775312 The ITAT Mumbai upheld the deletion of additions made for alleged undisclosed sales and unexplained stock transfer. The AO's reliance on CCTV footage from a single day to extrapolate sales suppression over the year was deemed speculative and lacked a reasonable basis. Documentary evidence, including cash books and sales registers, showed sales were properly recorded. Regarding the 27 kg gold stock transfer, the assessee reconciled transfers through invoices and statutory declarations, with no corroborative evidence from tax authorities or reliable witnesses to prove otherwise. The AO's contradictory acceptance of Mumbai HO books but rejection of Cuttack branch books was criticized. The CIT(A) rightly found the additions to be based on conjecture without cogent evidence and ruled in favor of the assessee. Case-Laws Income Tax Mon, 21 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775312