Unexplained stock addition not sustained without corroborative evidence: ITAT Mumbai

DCIT Vs Late Ramesh Pannalal Ranawat (ITAT Mumbai) ITAT Mumbai held that addition towards unexplained stock cannot be sustained merely relying on the statement without any corroborative evidence. Accordingly, addition set aside and appeal allowed. Facts- On 10.04.2014, the Air Intelligence Unit, intercepted a person named Shri Yashwant Ganpat Rao Gujjar, who was carrying about 11912.400 gms of gold ornaments. On being questioned, the concerned person stated that the jewellery belongs to M/s. Ramesh Zaveri & Co. and it was being transferred to the branch at Cuttack. Thereafter, survey u/s. ...