Held that  the assessee had disclosed gross profit at a rate ranging between 1.6 per cent. and 5 per cent. on bogus sales of knitted cloth and, therefore, the commission for procuring the bogus purchase and sale so determined by the Assessing Officer stood covered by this gross profit and there could not be any separate addition in this regard. Hence, the addition sustained by the Commissioner (Appeals) was directed to be deleted. The gross profit, which was sustained, being an intangible addition, was available to the assessee to be set off against the addition towards unexplained expenditure and towards unaccounted advances paid to employees. Only the remaining amount could be brought to tax. That the unaccounted receivables, which were brought to tax as undisclosed income at the time of survey, were available to the assessee to make subsequent purchases, which again remained unaccounted for and were sought to be taxed by the authorities. Given that the amount had already been brought to tax in the year under consideration, there could not be any further addition on utilisation of that amount towards purchases. Therefore, the addition to the extent sustained by the Commissioner (Appeals) was directed to be deleted. Held that the stock had to be valued at cost after reducing the gross profit rate.(AY. 2013-14, 2015-16 to 2018-19)