https://www.taxtmi.com/caselaws?id=190798 The ITAT allowed the appeal, overturning the CIT(A)'s decision to uphold a trading addition of Rs. 10,00,000 by the AO. The ITAT found the addition unjustified as the AO failed to identify significant discrepancies in the books of accounts besides the lack of stock records. It was noted that the assessee maintained consistent accounting methods and comparable trading results to previous years. Additionally, the failure to provide the assessee with trading results of a referenced company for rebuttal was highlighted. The ITAT deemed the sustained addition by the CIT(A) as unwarranted and ordered its deletion. en-us Fri, 12 Aug 2016 00:00:00 +0530 Mon, 27 Feb 2017 20:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190798 The ITAT allowed the appeal, overturning the CIT(A)'s decision to uphold a trading addition of Rs. 10,00,000 by the AO. The ITAT found the addition unjustified as the AO failed to identify significant discrepancies in the books of accounts besides the lack of stock records. It was noted that the assessee maintained consistent accounting methods and comparable trading results to previous years. Additionally, the failure to provide the assessee with trading results of a referenced company for rebuttal was highlighted. The ITAT deemed the sustained addition by the CIT(A) as unwarranted and ordered its deletion. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190798