Monday, June 16, 2014

[aaykarbhavan] No additions for undisclosed stock determined on basis of opening stock without considering sale and purchase



No additions for undisclosed stock determined on basis of opening stock without considering sale and purchase

June 16, 2014[2014] 45 taxmann.com 389 (Madhya Pradesh)
IT: Assessment of stock could not be done only by considering opening stock without actually referring to sale/purchase made during year
IT: In absence of any document or paper about hundi having been found, no addition under section 69D could be made merely on basis of a paper on which entries were found to have been struck down
 
Regards
Prarthana Jalan


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


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