Wednesday, 23 September 2015

No addition of unexplained investment on basis of high value shown in stock statements given to bank

IT : Where there was difference of certain amount between stock statement given by assessee to bank and stock statement filed by assessee before Assessing Officer and both statements were prepared on estimated basis and thereupon Assessing Officer added aforesaid amount in income of assessee under section 69 as unexplained investment in stock, statements could not be made basis of addition

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