Held that the Assessing Officer ought to have given appropriate set off in respect of the enhanced value of stock according to the books of account as well as enhanced value of stock which was found in excess at the time of survey. The closing stock of an accounting year ought to be opening stock of following year. The assessee is entitle to set off of closing stock. (AY. 2008-09)
Gogga Gurusanthiah and Bros v. Dy. CIT (2021) 92 ITR 322 (Bang.) (Trib.)
S. 133A : Power of survey-Closing stock-Carry forward and set off-Enhanced value of stock shown in the books of account which was found in the course of survey-Entitle to set off of closing stock. [S. 145]