Purchases corresponding to excess stock found during Survey not allowable as deduction

SVS Oils Mills Vs ACIT (Madras High Court) In our opinion, section 69B providing for amounts of investments in Bullion, Jewellery or other valuable articles (including excess Stocks as well) would have been more appropriate section to be indicated in the orders passed by the Authorities below rather than section 69C-Unexplained Expenditure. Nonetheless, we are of the clear opinion that mentioning of wrong section would not upset the Additions made by the Assessing Authorities below in the present case. All these 5 provisions enumerated above have been enacted with a view to bring to tax the un...