Closing Stock Revalued Without Adjusting Opening Stock Held Unsustainable

Gopu Nandilath Gopalakrishnan Vs CIT -2 (ITAT Cochin) This appeal before the Income Tax Appellate Tribunal, Cochin Bench arose from an order dated 12.08.2025 passed by the National Faceless Appeal Centre for Assessment Year 2017–18. The assessee, an individual engaged in the business of dealing in domestic appliances, filed a return of income on 03.11.2017 declaring income of ₹2,06,37,450. The assessment was completed under Section 143(3) on 27.12.2019 at a total income of ₹6,07,26,452, after the Assessing Officer made an addition of ₹3,77,16,583 on account of revaluation of closing s...