Rajkot ITAT Upholds Addition for Stock Discrepancy

Raghuvanshi Cotton Ginning & Pressing Pvt Vs ACIT (ITAT Rajkot)  Introduction: In a recent judgment by the Income Tax Appellate Tribunal (ITAT) Rajkot, the case of Raghuvanshi Cotton Ginning & Pressing Pvt Ltd versus ACIT underscores the critical nature of maintaining accurate stock records and the consequences of discrepancies therein. The tribunal’s decision, dated January 3, 2024, reaffirms the authority’s stance on the imperative of accurate financial reporting and the repercussions of deviations, particularly in the context of gross profit (GP) estimations and stock ...