The tribunal accepted the assessee’s claim that the income had already been disclosed
The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) deleted unexplained expenses and stock valuation addition made by the Assessing Officer (AO) citing that the income had already been disclosed during search proceedings. Shrigopal Rameshkumar Sales Pvt. Ltd. (assessee), engaged in the business of running a ginning mill and trading in cotton, filed its…
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