1982 (2) TMI 139 - AT - Income Tax

Summary

The assessee appealed against the AAC's order for the assessment year 1976-77, challenging the addition made by the ITO to the trading result. The ITAT Jabalpur found merit in the assessee's contentions, stating that the books were correct and complete, and there was no justification for the addition based on a comparison with a previous year. The ITAT allowed the appeal and deleted the Gross Profit addition.