https://www.taxtmi.com/caselaws?id=759474 The ITAT Delhi allowed the assessee's appeal against assessment u/s 153A. The tribunal held that no incriminating material was found during search and seizure operations, following the SC precedent in Abhisar Buildwell case. The AO's invocation of section 68 was deemed improper as there was no dispute regarding sales transactions, goods movement, or corresponding purchases, and stock details were accepted. The CIT(A)'s application of an 8% profit margin was set aside as erroneous, particularly when different profit margins were applied to similar sales without justification. The tribunal found the differential treatment of profit margins unjustified and contrary to established precedent. en-us Tue, 27 Aug 2024 00:00:00 +0530 Tue, 01 Oct 2024 11:02:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759474 The ITAT Delhi allowed the assessee's appeal against assessment u/s 153A. The tribunal held that no incriminating material was found during search and seizure operations, following the SC precedent in Abhisar Buildwell case. The AO's invocation of section 68 was deemed improper as there was no dispute regarding sales transactions, goods movement, or corresponding purchases, and stock details were accepted. The CIT(A)'s application of an 8% profit margin was set aside as erroneous, particularly when different profit margins were applied to similar sales without justification. The tribunal found the differential treatment of profit margins unjustified and contrary to established precedent. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759474