Customs Valuation Difference Alone Cannot Prove Undisclosed Purchases: ITAT Mumbai

ACIT Vs Shivprakash S Chandak (ITAT Mumbai) ITAT Remands Addition on Alleged Unrecorded Imports Because Customs Assessable Value Was Not Properly Examined; Addition Under Section 69C Sent Back After ITAT Finds Incomplete Verification of Import Transactions;  Gross Profit Addition on Unrecorded Imports Requires Verification of Stock and Corresponding Sales; ITAT Questions Basis of Peak Addition in Case Involving Alleged Out-of-Book Imports;  Section 69C Addition Reopened After ITAT Finds Customs and Purchase Data Not Properly Reconciled;  ITAT Remands Case Because Customs Assessable Value an...