ITAT Deletes AO’s Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]

Considering the addition made on excess stock solely based on the recorded statement, ITAT deletes the addition.
By Kavi Priya - On August 28, 2024 6:15 am - 2 mins read
stock misstatement - ITAT evidence review - ITAT decision on excess stock addition - Excess stock addition deleted by ITAT - taxscan

The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the excess stock addition made by the assessing officer due to the misinterpretation of the accounting system of finished goods and unsubstantiated evidence of sales. On 23.03.2021, the assessing officer searched the premises of the assessee-company, Mahavir Transmission Ltd. During the…

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