https://www.taxtmi.com/caselaws?id=357178 The Tribunal upheld the CIT(A)'s decision to delete a trading addition of Rs. 60,22,485, reducing it to Rs. 12,00,000 for the assessment year 2013-14. It emphasized the importance of considering past GP rates in estimation and noted that as the current year's GP exceeded historical averages, no addition was warranted even if the books were rejected. Regarding interest disallowance on short interest or interest-free loans to sister concerns, the Tribunal directed the AO to verify the availability of the assessee's funds for loans given during the current year, partially allowing the appeal for statistical purposes. en-us Wed, 07 Mar 2018 00:00:00 +0530 Mon, 19 Mar 2018 07:27:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357178 The Tribunal upheld the CIT(A)'s decision to delete a trading addition of Rs. 60,22,485, reducing it to Rs. 12,00,000 for the assessment year 2013-14. It emphasized the importance of considering past GP rates in estimation and noted that as the current year's GP exceeded historical averages, no addition was warranted even if the books were rejected. Regarding interest disallowance on short interest or interest-free loans to sister concerns, the Tribunal directed the AO to verify the availability of the assessee's funds for loans given during the current year, partially allowing the appeal for statistical purposes. Case-Laws Income Tax Wed, 07 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357178