Addition to Income cannot be made for mere Excess quantity under Essential Commodities Act, 1955: HC

Brief of the Case Punjab & Haryana High Court held In the case of The CIT Vs Bharat Bhushan held that no addition is sustainable where the purchases had been accounted for in the regular books of accounts maintained, duly audited and there is nothing to show that the quantity had been purchased and sold outside the books. The fact that the assessee is maintain the sugar stock which is more than permissible as per department of Food & Civil Supplies under Section 7 of the Essential Commodities Act, 1955 , has not relevant for making addition on the assessee in the given circumstances. F...