Addition of difference in stock & valuation report without credible evidence is unsustainable

ACIT Vs Glitter Jewels (ITAT Mumbai)

ITAT Mumbai held that addition on account of difference in stock as per books and valuation report, merely on the basis of statement recorded during survey, without credible evidence is unsustainable in law.

Facts- The only grievance of the Revenue is against deletion of addition on account of difference in stock taken physically during the survey proceedings and stock as per the books of account on the date of the survey.

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