https://www.taxtmi.com/caselaws?id=301660 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], dismissing the Revenue's appeal. The ITAT found that the Assessing Officer's rejection of the books of account and application of a 30% gross profit rate were not justified, as no specific defects were identified, and the books were duly audited. Additionally, the ITAT supported the consistent use of the Weighted Average Cost method for stock valuation. Consequently, the appeal by the Revenue was dismissed, and the CIT(A)'s order was upheld. en-us Wed, 08 Feb 2017 00:00:00 +0530 Thu, 14 Apr 2022 08:07:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301660 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], dismissing the Revenue's appeal. The ITAT found that the Assessing Officer's rejection of the books of account and application of a 30% gross profit rate were not justified, as no specific defects were identified, and the books were duly audited. Additionally, the ITAT supported the consistent use of the Weighted Average Cost method for stock valuation. Consequently, the appeal by the Revenue was dismissed, and the CIT(A)'s order was upheld. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301660