ITAT deletes addition for excess stock which was based on erroneous mathematical exercise

Priyo Gopal Bishoyi Grandson Vs ACIT (ITAT Kolkata)

We find that Revenue has erred in comparing two accounting statements, which are un-comparable to each other because Revenue has taken book stock on the basis of Tally Software, whereas physical stock on the basis of ORIEL Software. It is also observed that ld. Assessing Officer failed to appreciate the explanation of the assessee in right perspective. The assessee with the help of audited accounts explained to the ld. Assessing Officer that taxable income is being computed on the basis of ORIEL POS So

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