Imran Abdulhadi Shaikh vs. CIT(A)

Parties Involved

Facts Summary

The appellant, Imran Abdulhadi Shaikh, is an individual engaged in the business of retail trading of clothes under the name and style 'Mamta Kids Readymades'. The return of income for the assessment year 2020-21 was filed on 10.01.2021, disclosing a total income of Rs.3,25,560/-. The Assessing Officer (AO) completed the assessment on 26.09.2022, arriving at a total income of Rs.9,78,952/-. The AO made an addition of Rs.6,53,392/- on account of excess stock found during survey proceedings on 23.10.2019. The appellant admitted to the excess stock, which was not offered to tax. The appellant filed an appeal against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC) which confirmed the action of the AO. The appellant further appealed to the Income Tax Appellate Tribunal (ITAT), arguing that the addition on account of excess stock was made without considering the available opening stock as on 01.04.2019.…

Legal Issues

• 1. Addition of excess stock of Rs.6,53,392/- found during survey proceedings and admitted by the appellant.

Judgment Outcome

Decided in favour of Assessee.

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