M/s Kashvi Jewels Private Limited Vs. DCIT Central Circle – 2

Parties Involved

Facts Summary

The appeal by M/s Kashvi Jewels Private Limited for the Assessment Year 2020-21 arises out of an order by the Commissioner of Income Tax (Appeals)-5, Ludhiana dated 28.08.2024. The assessee was subjected to a survey under section 132 on 30.01.2021, where a difference in stock was identified. The Assessing Officer rejected the assessee's books and computed the difference in stock at Rs.61.77 Lacs. A Gross Profit Rate of 12.5% was applied to make an addition of Rs.7.72 Lacs. Additionally, Rs.7,633/- was added for delayed payment of ESI/PF. The Commissioner of Income Tax (Appeals) confirmed these additions, leading to the assessee's appeal.…

Legal Issues

• 1. Difference in stock computation
• 2. Addition for delayed payment of ESI/PF

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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