ITAT Allows Deletions of Gross Profit Additions and Foreign Creditor Claims Under Section 41(1)(a)

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ITAT Allows Deletions of Gross Profit Additions and Foreign Creditor Claims Under Section 41(1)(a)

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....The ITAT upheld the deletion of additions related to the lower gross profit ratio, as the AO failed to provide requisite details or demonstrate defects in the appellant's manufacturing account, rendering the AO's 21% GP application unsustainable. Additions under section 41(1)(a) regarding four foreign creditors were also deleted, given the appellant's proof of genuine transactions, RBI approval, and corresponding sales, which the AO could not effectively rebut. The tribunal affirmed the CIT(A)'s relief concerning interest to a partner, dismissing the Revenue's appeal. However, the addition related to one creditor, Sabar International, was sustained due to the appellant's silence on that issue. Overall, the appeal was allowed in part, with d.........

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ITAT Allows Deletions of Gross Profit Additions and Foreign Creditor Claims Under Section 41(1)(a)