[aaykarbhavan] No sec. 69 addition if deviation in Qty. of stock shown in books and in statements given to banks was explained

 

No sec. 69 addition if deviation in Qty. of stock shown in books and in statements given to banks was explained

September 27, 2014[2014] 49 taxmann.com 141 (Amritsar - Trib.)/[2013] 28 ITR(T) 89 (Amritsar - Trib.)

IT: Where having regard to difference in figures of closing stock in statement submitted to bank for taking loan and in books of account on last day of relevant financial year, Assessing Officer made addition as unexplained investment, in view of fact that assessee submitted a reconciliation statement wherein said difference was explained as sales which remained uncontroverted, impugned addition deserved to be set aside

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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