LAL BABU PRASAD,SIWAN vs. ACIT, CIRCLE-2, MUZAFFARPUR

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER SHRI SONJOY SARMA (Judicial Member)

68,567, the net discrepancy was worked out. During the assessment proceedings, the assessee voluntarily declared additional income of ₹70,00,000 over and above the normal profit. However, the Assessing Officer further treated the closing stock of ₹43,49,933 (out of total discrepancy) as unexplained investment in stock and added the same to the total income