2022 (8) TMI 1181

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....ices were issued, assessment proceedings have been initiated against the assessee. The assessee's representative has participated in the assessment proceedings. The assessment order came to be passed on 29/12/2016 against the assessee, wherein it is held that, the loss reported by the assessee cannot be verified and the trading result shall be rejected u/s 145 of the Income Tax Act. 4. The Ld. A.O looking into the nature and size of the business of the assessee, considering the possible price fluctuation of the traded commodity and the past trading results, the gross profit of the assessee has been estimated at 2.98% of the turnover. The GP of the estimation purposes has been taken at the same rate as in the preceding year, considering t....

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..... 8. Per contra, the Ld. Counsel for the assessee relied on the order of Ld.CIT(A) and submitted that no interference is required in the order of the Ld.CIT(A). 9. We have heard the parties, perused the material on record and gave our thoughtful consideration. It is seen from the material on record that the assessee has been consistently following the trading pattern and its trading results have been accepted by the A.O in prior and subsequent periods. Mere no availability of stock register cannot be sufficient to reject trading results when the audited final accounts and other sources including the VAT data are available to cross verify the trading results including the sales verification. It is not the case of the Revenue that the A....