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2016 (11) TMI 1714 - AT - Income TaxRejection of books of accounts - applying GP rate of 35% as against 18.71% shown by the assessee - non-maintenance of item-wise detail of jewellery purchased and sold - adoption of Weighted Average Cost (WAC) method for valuation of stock was found incorrect and the FIFO method was found to be appropriate as a consequence, the stock of gold was found undervalued - HELD THAT:- On perusing the order of the I.T.A.T. in the case of M/s Sunny Jewellery House [2016 (5) TMI 1579 - ITAT CHANDIGARH], we find that the facts in that case were identical to that in the present case, where the books of accounts of the assessee, a jeweler, were rejected for identical reasons as stated in the assessee’s case being non-maintenance of item-wise detail of jewellery purchased and sold and stock of the same as also incorrect method of valuation of stock adopted being WAC as against FIFO adopted by the Assessing Officer. The Hon'ble I.T.A.T., in that case, after relying on the order of Jagdish Chand [2003 (6) TMI 441 - ITAT CHANDIGARH] had held that there was no infirmity in the order of the CIT (Appeals) in deleting the addition made. - Decided against revenue.
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