Disclosure of undisclosed income can be further added as undisclosed stock

ACIT Vs Bholanath Agarwal (ITAT Kolkata) ITAT Kolkata held that disclosure of undisclosed income under IDS, 2016 on which taxes are duly paid cannot be further added as undisclosed stock. Claim of set off of undisclosed income duly available against the undisclosed stock surrendered during the course of survey. Facts- AO observed that the assessee has shown closing stock as on the date of survey i.e. 18.07.2015 at Rs. 3,01,59,910/- in its books of accounts but the actual closing stock found during the course of survey was Rs. 1,00,53,929/- and, therefore, there is a discrepancy of Rs. 2,06,08,...