ITAT deletes addition for Opening Stock as existence of same was accepted in Earlier Years

ACIT Vs Madhur Jain (ITAT Delhi) In the instant case, the sales made by assessee out of the alleged undisclosed opening stock on by assessee had been accepted by AO. The resultant trading profit had also been accepted. Further on the opening stock allegedly not existing according to AO amounting to ₹ 51,051,565/–, assessee had shown sales of ₹ 52,851,660/– and had disclosed a gross profit of ₹ 1,800,095 only. From the above gross profit assessee had incurred expenditure of almost ₹ 10 lakh and had shown meager net profit of ₹ 875,491/–. Therefore, it was apparent that assessee ...