https://www.taxtmi.com/caselaws?id=263246 The ITAT Jaipur confirmed the trading addition made by the Assessing Officer due to unverified purchases, upholding the rejection of the books of accounts and estimating a GP rate to cover the revenue loss. The ITAT also dismissed the assessee's contention that the accounts reflected the true state of affairs. Regarding the disallowance of expenses, the ITAT upheld the CIT (A)'s decision to delete the addition, stating lack of evidence for bogus or inflated expenses and no non-business purposes. The revenue's appeal on the expenses disallowance was dismissed, partly allowing the revenue's appeal and dismissing the assessee's cross objection. en-us Tue, 11 Aug 2015 00:00:00 +0530 Thu, 27 Aug 2015 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263246 The ITAT Jaipur confirmed the trading addition made by the Assessing Officer due to unverified purchases, upholding the rejection of the books of accounts and estimating a GP rate to cover the revenue loss. The ITAT also dismissed the assessee's contention that the accounts reflected the true state of affairs. Regarding the disallowance of expenses, the ITAT upheld the CIT (A)'s decision to delete the addition, stating lack of evidence for bogus or inflated expenses and no non-business purposes. The revenue's appeal on the expenses disallowance was dismissed, partly allowing the revenue's appeal and dismissing the assessee's cross objection. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263246