Appellate Tribunal held that the assessee’s profit in the earlier year was less than the year under consideration meaning thereby his gross profit was higher than the earlier years. Therefore, no addition can be on difference in stock found as on date of search. (AY. 2010-11)
Baroda Moulds and Dies v. ACIT (2018) 62 ITR 168 (Ahd)(Trib.)
S. 144 : Best judgment assessment – Profit in earlier year less than in instant year – GP higher than earlier years – No addition on difference in stock found as on date of search.