Addition due to stock discrepancy based on distorted figures cannot be sustained

Gangadhar Agarwal Vs ITO (ITAT Hyderabad)

ITAT Hyderabad held that alleged discrepancy i.e, the suppression of the purchases/sales/closing stock based on distorted figures by AO resulting to an exorbitant addition is unsustainable in law. Accordingly, appeal of assessee allowed.

Facts- The case of the assessee was selected for scrutiny assessment. A.O., after considering the reply of the assessee, observed that the Trading, Profit & Loss account uploaded by the assessee of items, viz. MOP, PPL MOP, 10.26.26, 12.32.16, CIL Super G, ZIL

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