Sri.Arunkumar Puthige v. The Income Tax Officer

Parties Involved

Facts Summary

This case involves an appeal by the assessee, Sri.Arunkumar Puthige, challenging the order of the NFAC/CIT(A) dated 27.10.2022 in respect of the assessment year 2017-2018. The assessee filed a return of income declaring total income of Rs.8,71,560 and the case was selected for scrutiny. The Assessing Officer determined the income at Rs.9,74,740 by making an addition under the head underreporting of closing stock. The assessee filed an appeal before the CIT(A) and contended that the method adopted by the Assessing Officer was incorrect. The CIT(A) dismissed the appeal, leading to the present appeal before the Tribunal.…

Legal Issues

• 1. Incorrect application of Section 145A of the Income Tax Act
• 2. Making additions only to the closing adjustments of closing stock without considering the overall valuation impact

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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