AO rejected the explanation of stock on jangad basis and made addition u/s 69A as unexplained stock. CIT(A) confirmed the addition. On appeal the Tribunal held that jangad stock is supported by confirmation letter and which is referred in the tax audit report. Accordingly deleted the addition made by the AO. (AY. 2011-12)
Mayankkumar Natwarlal Soni v. ACIT (2019] 179 ITD 444 /(2020) 189 DTR 456/ 204 TTJ 761 (Ahd.) (Trib.)
S. 69A : Unexplained money–Survey–Jangad stock–Stock register is supported by confirmation letter–Addition is held to be not valid.