Difference in stock found during course of survey duly reconciled hence addition u/s 69 unsustainable: ITAT Delhi

Ultimate Creations Vs ACIT (ITAT Delhi) ITAT Delhi held that addition under section 69 of the Income Tax Act towards unexplained investments unsustained as difference in the stock found during the course of survey was duly reconciled by the assessee. Facts- The assessee is a firm engaged in sale and purchase of gold jewellery. During the year under consideration, a survey operation u/s 133A of the Act was carried out. During the course of survey operation at the premises of the assessee firm, inventory of the stock was physically inventoried and physical stock valuing to Rs. 8,53,07,745/- was ...