Excess stock addition restricted – Survey working flawed; only disclosed difference taxable – ITAT Bangalore

Awaji Ganapathi Bhat Vittal Vs DCIT (ITAT Bangalore) In Awaji Ganapathi Bhat Vittal vs DCIT (A.Y. 2018-19), addition of ₹54.69 lakh was made u/s 69 on alleged excess stock found during survey in a jewellery business. The AO relied on survey-based stock working, while the assessee contended that the survey calculation used provisional figures since accounts were not finalized and ignored audited closing stock subsequently accepted by the department. The ITAT noted that the survey party computed book stock using incomplete data, whereas audited accounts showed higher closing stock as on 31-03-...