https://www.taxtmi.com/caselaws?id=401853 The Appellate Tribunal allowed the appeal of the assessee, overturning the trading addition made by the Assessing Officer and partially sustained by the CIT(A). The Tribunal found that the disclosed income should have been credited to the trading account instead of the profit & loss account, resulting in a higher GP rate. Consequently, the trading addition was deleted, emphasizing the importance of accurately reflecting income in the appropriate accounts for determining GP rates and the significance of maintaining reliable records for tax assessments. en-us Thu, 17 Sep 2020 00:00:00 +0530 Fri, 18 Dec 2020 16:34:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401853 The Appellate Tribunal allowed the appeal of the assessee, overturning the trading addition made by the Assessing Officer and partially sustained by the CIT(A). The Tribunal found that the disclosed income should have been credited to the trading account instead of the profit & loss account, resulting in a higher GP rate. Consequently, the trading addition was deleted, emphasizing the importance of accurately reflecting income in the appropriate accounts for determining GP rates and the significance of maintaining reliable records for tax assessments. Case-Laws Income Tax Thu, 17 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401853