https://www.taxtmi.com/caselaws?id=265459 The Tribunal overturned the AO's decision to reject the books of account of the sponge iron manufacturer. The Tribunal found that the discrepancies in raw material consumption were adequately explained and not properly disputed by lower authorities. It noted that statistical data alone was insufficient to justify the rejection. Additionally, the Tribunal considered the sales-tax assessment order, which found no issues with the books of account. As a result, the Tribunal concluded that the additions made by the AO lacked a basis and were deleted, ruling in favor of the assessee. en-us Mon, 22 Jun 2015 00:00:00 +0530 Mon, 12 Oct 2015 06:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265459 The Tribunal overturned the AO's decision to reject the books of account of the sponge iron manufacturer. The Tribunal found that the discrepancies in raw material consumption were adequately explained and not properly disputed by lower authorities. It noted that statistical data alone was insufficient to justify the rejection. Additionally, the Tribunal considered the sales-tax assessment order, which found no issues with the books of account. As a result, the Tribunal concluded that the additions made by the AO lacked a basis and were deleted, ruling in favor of the assessee. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265459