https://www.taxtmi.com/caselaws?id=778204 ITAT CHENNAI - AT held that statements recorded u/s 133A lack requisite evidentiary value, so undisclosed income cannot rest on such admissions alone. The AO's addition for unaccounted stock is reduced: unaccounted stock fixed at Rs. 42,67,534 and gross profit applied at 15%, yielding an addition of Rs. 6,40,130; remaining stock additions deleted. The tribunal accepted the assessee's explanation for cash found as attributable to a related family concern and directed deletion of the Rs. 12,14,508 addition. Telescoping by CIT(A) was faulted. Revenue's appeals were partly allowed on stock and otherwise dismissed. en-us Wed, 15 Jan 2025 00:00:00 +0530 Mon, 08 Sep 2025 16:09:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778204 ITAT CHENNAI - AT held that statements recorded u/s 133A lack requisite evidentiary value, so undisclosed income cannot rest on such admissions alone. The AO's addition for unaccounted stock is reduced: unaccounted stock fixed at Rs. 42,67,534 and gross profit applied at 15%, yielding an addition of Rs. 6,40,130; remaining stock additions deleted. The tribunal accepted the assessee's explanation for cash found as attributable to a related family concern and directed deletion of the Rs. 12,14,508 addition. Telescoping by CIT(A) was faulted. Revenue's appeals were partly allowed on stock and otherwise dismissed. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778204