https://www.taxtmi.com/caselaws?id=762278 HC ruled in favor of assessee regarding additions for excessive wastage and scrap value of copper wire. Court found wastage percentage of 13.04% was within historical range (13.64%-16.43%) and not abnormally high compared to previous years. Since trading accounts, stock records were maintained under Excise supervision and accepted by AO without objection, additions could not be made on presumptions without recomputing trading results. Regarding copper wire sale profits under Section 41(2), AO's additions based on assumptions were unsustainable as assessee provided adequate explanations and factory inspection revealed no tax evasion attempts. en-us Fri, 22 Mar 2024 00:00:00 +0530 Thu, 28 Nov 2024 07:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762278 HC ruled in favor of assessee regarding additions for excessive wastage and scrap value of copper wire. Court found wastage percentage of 13.04% was within historical range (13.64%-16.43%) and not abnormally high compared to previous years. Since trading accounts, stock records were maintained under Excise supervision and accepted by AO without objection, additions could not be made on presumptions without recomputing trading results. Regarding copper wire sale profits under Section 41(2), AO's additions based on assumptions were unsustainable as assessee provided adequate explanations and factory inspection revealed no tax evasion attempts. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762278