Retraction of Survey Statement Rejected as Afterthought: ITAT Delhi Confirms Stock Addition

Mohit Garg Vs ITO (ITAT Delhi) In the case of Mohit Garg Vs ITO, the appeal concerned Assessment Year 2013-14 and arose from an assessment completed under Section 143(3) of the Income-tax Act, 1961. The assessee challenged various additions confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)], including additions relating to alleged undisclosed stock and estimated profit from trading transactions. The assessee had filed a return declaring income of Rs. 21,32,220. A survey under Section 133A was conducted on 18.02.2013 at the assessee’s premises. During the survey, undisclosed stock...