Estimated Gross Profit Addition Collapses When Excess Stock Is Not Proved

Subhash Kumar Aahi Vs ACIT (ITAT Jabalpur) Survey surrender not sacrosanct: ITAT Jabalpur deletes additions on jewellery, cash, renovation & GP The Jabalpur  ITAT  substantially allowed the Assessee’s appeal and deleted multiple additions arising from a survey u/s 133A, holding that mere surrender during survey, unsupported by corroborative evidence, cannot be the sole basis for additions. A survey conducted on 30-05-2012 resulted in surrender of ₹89.29 lakh towards alleged excess stock of gold & silver jewellery, excess cash, unexplained investment in shop renovation, and estima...