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;

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