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 10.26.26, CIL Super D, CIL MOP, ZIL MOP, RCF MOP, IFFCO...