Addition of unexplained stock u/s. 69 upheld as claim of stock not supported by verifiable evidences

Ramesh Poonamchand Bansal Vs ITO (ITAT Surat) ITAT Surat held that addition of unexplained stock as unexplained investment u/s. 69 of the Income Tax Act upheld due to claim of closing stock was not supported by any verifiable evidences. Accordingly, ground of appellant dismissed. Facts- During scrutiny assessment, AO found that there were sundry creditors of Rs.1,26,33,360/-, for which the assessee could not furnish proper details and evidences. He also issued notices u/s 133(6); however, majority of the notices were returned unserved. In response to the final show cause notice, the assessee d...