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2016 (8) TMI 1159 - AT - Income TaxRejection of books of accounts - trading addition - Held that:- We find that Assessing Officer had not found any discrepancy in the books of account other than non maintaining of stock records. From the nature of activities of the assessee, we find that maintenance of day to day stock records is quite different in this case and similarly it is not possible to maintain consumption records on day to day basis due to the nature of business. The assessee has declared G.P rate of 16.12% as compared to G.P rate 16.10%. We further find that assessee during the proceedings before learned CIT(A) had submitted that assessee was following same system of accounting as was being followed in earlier year and we further find that there was no specific defect pointed out by Assessing Officer in the books of account. Also we find that the trading results of M/s Satish Steel Works were not confronted to the assessee and assessee was not provided opportunity to rebut the same. The findings of learned CIT(A) that trading results of M/s Satish Steel Works were confronted to assessee is not correct. In view of the above, we hold that the addition sustained by learned CIT(A) is not justified, therefore, we delete the same. - Decided in favour of assessee
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