The Assessing Officer accepted the trading results and had not doubted the opening stock, purchases, sales and closing stock as well as gross profit rate shown by the assessee. Therefore, the addition made by the Assessing Officer on the basis of surmises and conjectures was rightly deleted by the CIT(A). Furthermore, since the addition made by the Assessing Officer was deleted, the cross-objection filed by the assessee was allowed. (AY. 2017-18)
Dy. CIT v. Roop Fashion (2022)98 ITR 419 (Chd) (Trib)
S. 153A : Assessment-Search or requisition-Unexplained Income-Cash deposited in the bank account during demonetization-Cash sales and realization of trade debtors-Recorded in books of accounts-No adverse comments by investigation department-No inflated purchases or suppressed sales-Additions not tenable. [S. 69A]