“Minuscule” Stock Difference No Defence: ITAT Upholds Section 69A Addition

Parekh Ornaments LLP Vs ACIT (ITAT Mumbai)

The assessee filed an appeal against the order dated 17.07.2023 passed by the Commissioner of Income Tax (Appeals)-48, Mumbai under Section 250 of the Income Tax Act, 1961 for Assessment Year 2018-19. The appeal was filed with a delay of more than two years, accompanied by an application for condonation supported by an affidavit of a partner.

The assessee explained that the assessment under Section 143(3) was completed on 13.04.2021 with an addition of ₹5,55,960/- under Section 69A on account of alleged stock discrepancy. The CIT(

Please become a Premium member. If you are already a Premium member, login here to access the full content.