NITIN KUMAR JAIN,TIKAMARH vs. INCOME TAX OFFICER, WARD , TIKAMGARH

ITA 97/JAB/2022Status: DisposedITAT Jabalpur14 May 2026AY 2013-148 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal acknowledged the defects in the stock records and agreed that re-computation was necessary to accurately determine the stock shortage. The case was remanded to the Assessing Officer for a fresh calculation of shortages and to avoid double additions.

What were the facts?

The assessee, a jeweller, had his books of accounts rejected due to incomplete stock records, leading to additions for stock shortages in trading and manufacturing. The assessee appealed these additions, arguing for a re-computation due to potential overlapping calculations.

What were the issues?

Whether the additions made for stock shortages were correctly computed, and if there was any overlapping or double addition of income.

Which sections of the Income-tax Act were involved?

Section 145(3),Section 143(3),Section 250,Section 253(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH, MP

Before: HON’BLE SHRI KUL BHARAT & SHRI G.D. PADMAHSHALI

For Appellant: Mr Abhijeet Shrivastava [‘Ld. AR’]
For Respondent: Mr N.M. Prasad [‘Ld. DR’]
Pronounced: 14/05/2026

PER G. D. PADMAHSHALI; Against the DIN & Order No. ITBA/NFAC/S/250/2022-23/1045518601(1) dt. 15/09/2022 passed u/s 250 of the Income Tax Act, 1961 [‘the Act’ in short] by the National Faceless Appeal Centre, Delhi [‘Ld. NFAC’ in short] for assessment year 2013-14 [‘AY’ in short] the present appeal is filed by the assessee u/s 253(1) of the Act.

ITAT-Jabalpur Nitin Kumar Jain Vs ITO ITA No. 097/JAB/2022 AY: 2013-14

2.

Tersely stated facts of the case are that;

2.

1 The Assessee is an individual and was engaged in the wholesale & retail trading of gold & silver bullion and also manufacturing gold

The order continues below.

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