https://www.taxtmi.com/caselaws?id=780987 ITAT, Chennai (AT) held that the assessee's books, audited under s.44AB, were not rejected under s.145(3), and the department's net-profit estimation based on an incomplete period was unsustainable. The addition on account of stock discrepancy, which the assessee failed to reconcile and accepted before CIT(A), was sustained. A large portion of alleged excess profits was already included in that stock addition, so further estimation at 20.90% would constitute double addition; therefore the estimated net-profit additions were deleted. No breach of s.292C or Rule 46A was found. en-us Thu, 04 Sep 2025 00:00:00 +0530 Fri, 07 Nov 2025 18:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780987 ITAT, Chennai (AT) held that the assessee's books, audited under s.44AB, were not rejected under s.145(3), and the department's net-profit estimation based on an incomplete period was unsustainable. The addition on account of stock discrepancy, which the assessee failed to reconcile and accepted before CIT(A), was sustained. A large portion of alleged excess profits was already included in that stock addition, so further estimation at 20.90% would constitute double addition; therefore the estimated net-profit additions were deleted. No breach of s.292C or Rule 46A was found. Case-Laws Income Tax Thu, 04 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780987