ITAT Upholds ₹37.20 Lakh Addition Because Survey Found Unaccounted Excess Stock

Rajinder Singh Bhasin Vs DCIT (ITAT Raipur) The Income Tax Appellate Tribunal (ITAT), Raipur, dismissed the assessee’s appeal and upheld the addition of ₹37,20,800 as undisclosed income arising from excess stock found during a survey conducted under Section 133A of the Income Tax Act, 1961. The assessee had initially challenged both the addition relating to excess stock and a disallowance of interest expenditure. However, the ground relating to interest expenditure was not pressed and was dismissed accordingly. During the survey conducted on 25 January 2011, the survey team found that the ...