Addition for under valuation of closing stock without corresponding adjustment in opening stock is unsustainable

HK Dutta & Co Vs ACIT (ITAT Kolkata) ITAT Kolkata held that making the addition for under valuation of closing stock for not adding making charges specifically for the year under appeal cannot be held to be justified unless and until corresponding adjustment is made for the opening stock. Accordingly, addition deleted. Facts- The assessee is a partnership firm engaged in the business of manufacturing and sale of gold jewellery through showroom located at Bowbazar and Garia. Return of income, e-filed for Assessment Year 2013-14 on 29/09/2012 declaring income of Rs. 2,31,95,241/-. Case selec...