In respect of Shortage of stock during survey only profit element can be added to Income of the Assessee

It was contended that the assessee accepted the undisclosed income to the tune of Rs. 20 lacs on account of shortage of gold ornaments and excess of stock of silver. The facts, in brief, are that a survey u/s 133A of the Act was carried out at the business premises of the assessee. As per the Revenue, an amount of Rs. 20 lacs was accepted as undisclosed income by the assessee on account of shortage of gold ornaments weighing 758.475 gms and excess stock of silver at 91.134 kms. The claim of the assessee is that the assessee duly disclosed a sum of Rs.7,42,872/- by crediting it to the profit an...