ITAT Chennai Upholds deletion of Additions For Undisclosed Profits, Excess Expenses & Stock Valuation

DCIT Vs Maharaja Silks (ITAT Chennai) Chennai Itat Dismisses Revenue’s Appeal Against Additions For Undisclosed Profits, Excess Expenses & Stock Valuation Consequent To Survey 1. Assessee firm is stated running a textile shop was subjected to survey u/s 133A. Assessee filed return of income admitting income of Rs.341.36 Lacs. subject matter of the appeal before Tribunal is (i) Addition of undisclosed business profits; (ii) Excess claim of indirect expenses; (iii) Addition of Excess Stock. 2. ADDITION OF SHORTFALL IN NET PROFIT During survey, the P&L A/c as extracted...