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 aud

Please become a Premium member. If you are already a Premium member, login here to access the full content.