GOPU NANDILATH GOPALAKRISHNAN,THRISSUR vs. ACIT(2)(1),THRISSUR, THRISSUR

ITA 617/COCH/2025Status: DisposedITAT Cochin30 October 2025AY 2017-18Bench: SHRI INTURI RAMA RAO (Accountant Member), SHRI ANIKESH BANERJEE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that when the AO revalued the closing stock by including the tax and duty component, he was bound to revalue the opening stock on the same basis. This is supported by judicial precedents that necessitate adjustments in opening stock when closing stock is revalued.

What were the facts?

The assessee, engaged in dealing in domestic appliances, disclosed an income of Rs. 2,06,37,450/- for AY 2017-18. The AO completed the assessment at Rs. 6,07,26,452/-, making an addition on account of the valuation of closing stock by excluding the VAT amount, invoking Section 145A.

What were the issues?

Whether the AO was justified in revaluing the closing stock without revaluing the opening stock on the same basis.

Which sections of the Income-tax Act were involved?

Section 145A,Section 143(3)

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Income Tax Appellate Tribunal, COCHIN BENCH

Before: SHRI INTURI RAMA RAO, AM & SHRI ANIKESH BANERJEE, JM

For Appellant: Shri Anil D. Nair, Advocate
For Respondent: Shri Sanjit Kumar Das, CIT-DR
Hearing: 28.10.2025Pronounced: 30.10.2025

Per: Inturi Rama Rao, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi (NFAC) dated 12.08.2025 for Assessment Year (AY) 2017-18. 2. Brief facts of the case are that the appellant is an individual engaged in the business of dealing in domestic appliances. The return of income for AY 2017-18 was filed on 03.11.2017 disclosing income of Rs. 2,06,37,450/-. Against the said return of income, the assessment was completed by the ACIT, Circle 2(1), Thrissur

2 Gopu Nandilath Gopalakrishnan (hereinafter called "the AO") vide order dated 27.12.2019 passed u/s. 143(3) of the Act at a total income of Rs. 6,07,26,452/-. While doing so, the AO made addition on ac

The order continues below.

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