Difference in closing stock emanating from preceding years cannot be attributed to year under consideration.

KGK Homes Vs PCIT (ITAT Jaipur) ITAT Jaipur held that the difference in the closing stock is emanating from the difference in the working for the preceding years and that such difference cannot be attributed for the year under consideration. Accordingly, order not erroneous and jurisdiction of section 263 not invocable. Facts- PCIT under section 263 took up two issues i.e. difference in value of closing stock as shown by the assessee firm vis-à-vis working vide order u/s. 263 for the year under consideration amounting to Rs. 16,59,040/- and disclosure made in the income tax return form of clo...