https://www.taxtmi.com/caselaws?id=385688 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s order regarding the addition towards concealed Gross Profit in Gold and Silver for AY 2011-2012. The Tribunal emphasized that the Assessing Officer's estimation of gross profit based on the weighted average method was unjustified as the assessee's accounting method was found to be appropriate. The Tribunal highlighted that the choice of accounting method lies with the assessee unless it distorts true profit, leading to the rejection of the Revenue's contentions and affirming the CIT(A)'s decision in favor of the assessee. en-us Wed, 21 Aug 2019 00:00:00 +0530 Wed, 11 Sep 2019 20:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385688 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s order regarding the addition towards concealed Gross Profit in Gold and Silver for AY 2011-2012. The Tribunal emphasized that the Assessing Officer's estimation of gross profit based on the weighted average method was unjustified as the assessee's accounting method was found to be appropriate. The Tribunal highlighted that the choice of accounting method lies with the assessee unless it distorts true profit, leading to the rejection of the Revenue's contentions and affirming the CIT(A)'s decision in favor of the assessee. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385688