ITAT quashed CIT's revision order holding AO's assessment order treating excess stock disclosed in...

The Income Tax Appellate Tribunal (ITAT) annulled the Commissioner of Income Tax's (CIT) revision order, upholding the Assessing Officer's (AO) decision that treated excess stock disclosed during a survey as business income. The AO conducted inquiries into stock valuation discrepancies during the assessment and accepted the explanation provided by the taxpayer regarding the excess stock. The ITAT found that the AO's decision was plausible and no additional tax under section 115BBE was necessary. The CIT's revision was deemed unjustified due to the absence of jurisdictional grounds, as the AO's view was considered sustainable. .....

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