https://www.taxtmi.com/caselaws?id=461514 The ITAT Amritsar dismissed the Revenue's appeal challenging CIT(A)'s deletion of addition made towards trading results. The AO had determined GP at 2% without identifying defects in the assessee's books of accounts during assessment proceedings under section 143(3). CIT(A) found that since auditors reported no discrepancies, no further investigation was required. ITAT upheld this decision, noting the AO rejected trading results without pointing out specific defects and the assessee consistently followed the average cost method for stock valuation, which is recognized as acceptable by various benches and HCs. en-us Fri, 26 May 2017 00:00:00 +0530 Thu, 10 Apr 2025 19:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461514 The ITAT Amritsar dismissed the Revenue's appeal challenging CIT(A)'s deletion of addition made towards trading results. The AO had determined GP at 2% without identifying defects in the assessee's books of accounts during assessment proceedings under section 143(3). CIT(A) found that since auditors reported no discrepancies, no further investigation was required. ITAT upheld this decision, noting the AO rejected trading results without pointing out specific defects and the assessee consistently followed the average cost method for stock valuation, which is recognized as acceptable by various benches and HCs. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461514