https://www.taxtmi.com/caselaws?id=71144 The ITAT ruled in favor of the assessee in an appeal against the AAC's order concerning the assessment for the year 1975-76. The ITAT held that the addition of Rs. 17,550 related to the foodgrains business was unjustified as the loss of stock-in-trade was a trading loss, deleting the said addition. Additionally, the ITAT found no basis for adding Rs. 6,000 in the sugar and rahardal account solely based on low gross profit, directing the ITO to modify the assessment order and allowing the appeal in full. en-us Fri, 30 Sep 1977 00:00:00 +0530 Thu, 21 Apr 2011 15:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71144 The ITAT ruled in favor of the assessee in an appeal against the AAC's order concerning the assessment for the year 1975-76. The ITAT held that the addition of Rs. 17,550 related to the foodgrains business was unjustified as the loss of stock-in-trade was a trading loss, deleting the said addition. Additionally, the ITAT found no basis for adding Rs. 6,000 in the sugar and rahardal account solely based on low gross profit, directing the ITO to modify the assessment order and allowing the appeal in full. Case-Laws Income Tax Fri, 30 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71144