Addition for undisclosed stock not justified for mere difference in closing stock valuation

ACIT Vs National Cable Industries (ITAT Delhi) A survey u/s 133A of the Act was carried out in the business premises of the assessee on 03.02.2010 wherein it was concluded that assessee has undisclosed/ excess stock amounting to Rs. 50,02,024/-(l,70,02,024- 1,20,00,000). The assessee estimated closing stock at Rs. 1,20,00,000/- in trading account prepared during course of survey, whereas the same has been taken at Rs. 1,70,02,024/- by survey team.  The Ld. AR pointed out that in CIT(A)’s order it was affirmed that no physical discrepancy was found/ detected by the survey team and excess val...