https://www.taxtmi.com/caselaws?id=335905 The ITAT upheld the C.I.T.(A)'s decision to restrict trading addition, dismissing the revenue's appeal. The dispute arose from the Assessing Officer's calculation error rectification, leading to a significant increase in trading addition based on GP rate. The C.I.T.(A) considered unverifiable purchases and the average GP rate of the last five years, diverging from the Assessing Officer's approach. The ITAT referenced a prior case on NP rate for unverifiable purchases, supporting the C.I.T.(A)'s decision and rejecting the revenue's appeal. en-us Fri, 13 May 2016 00:00:00 +0530 Mon, 12 Dec 2016 18:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335905 The ITAT upheld the C.I.T.(A)'s decision to restrict trading addition, dismissing the revenue's appeal. The dispute arose from the Assessing Officer's calculation error rectification, leading to a significant increase in trading addition based on GP rate. The C.I.T.(A) considered unverifiable purchases and the average GP rate of the last five years, diverging from the Assessing Officer's approach. The ITAT referenced a prior case on NP rate for unverifiable purchases, supporting the C.I.T.(A)'s decision and rejecting the revenue's appeal. Case-Laws Income Tax Fri, 13 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335905