https://www.taxtmi.com/caselaws?id=760318 The ITAT Mumbai allowed the appellant's appeal and deleted additions made by the Assessing Officer for rejection of books of accounts. The tribunal found that the appellant offered gross profits of 27% for wafer snack manufacturing, exceeding the AO's estimated 22.5%, and 5.6% for edible oil trading, higher than the industry average of 3.25%. Since the appellant's declared profits were reasonable and exceeded benchmarks, no additions were warranted despite non-maintenance of stock registers. en-us Mon, 26 Aug 2024 00:00:00 +0530 Fri, 18 Oct 2024 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760318 The ITAT Mumbai allowed the appellant's appeal and deleted additions made by the Assessing Officer for rejection of books of accounts. The tribunal found that the appellant offered gross profits of 27% for wafer snack manufacturing, exceeding the AO's estimated 22.5%, and 5.6% for edible oil trading, higher than the industry average of 3.25%. Since the appellant's declared profits were reasonable and exceeded benchmarks, no additions were warranted despite non-maintenance of stock registers. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760318