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ITAT Chennai Upholds deletion of Additions For Undisclosed Profits, Excess Expenses & Stock Valuation
Case Law Details
- Case Name
- DCIT Vs Maharaja Silks (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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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 from tally softw...
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