Discrepancy shown in the tax audit report in respect of stock, which is duly explained by the assessee cannot be declared as unexplained investment

Prism Jewellery Vs ITO (ITAT Mumbai)- The question of unexplained investment outside the books of account does not arise when the books itself has accounts purchases and payment through cheques. Assessee record itself indicates the purchases at that quantity and the same values were carried to the P & L Account as per the grouping shown above. On these facts‘ we are unable to confirm the action of the A.O. and CIT(A) in treating the unexplained investment of diamond jewellery‘ just because the tax audit has shown lesser figure in quantitative details in the audit report. To th...