9911796707
TMI Blog2022 (8) TMI 1181X X X X Extracts X X X X X X X X Extracts X X X X ..... have been initiated against the assessee. The assessee's representative has participated in the assessment proceedings. The assessment order came to be passed on 29/12/2016 against the assessee, wherein it is held that, the loss reported by the assessee cannot be verified and the trading result shall be rejected u/s 145 of the Income Tax Act. 4. The Ld. A.O looking into the nature and size of the business of the assessee, considering the possible price fluctuation of the traded commodity and the past trading results, the gross profit of the assessee has been estimated at 2.98% of the turnover. The GP of the estimation purposes has been taken at the same rate as in the preceding year, considering the turnover of the Company which has been i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lied on the order of Ld.CIT(A) and submitted that no interference is required in the order of the Ld.CIT(A). 9. We have heard the parties, perused the material on record and gave our thoughtful consideration. It is seen from the material on record that the assessee has been consistently following the trading pattern and its trading results have been accepted by the A.O in prior and subsequent periods. Mere no availability of stock register cannot be sufficient to reject trading results when the audited final accounts and other sources including the VAT data are available to cross verify the trading results including the sales verification. It is not the case of the Revenue that the A.O has not doubted the bonafide of the purchases or sale, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord of its inventories." It is also found that the very same comments have been made by the auditor for Assessment Year 2015-16 in the assessment made u/s 143(3) of the Act. In our view, mere none production of stock register particularly when the quantitative details of opening stock, purchase, sales and closing stock is available cannot be ground to reject the declared trading results and the submission is supported by the said judgments. The Ld.CIT(A) has considered all the above factual aspects and came to a just conclusion in deleting the additions made by the Ld. A.O. Therefore, we are of the considered opinion that the order of Ld.CIT(A) requires no interference. Accordingly, we dismiss the grounds of Appeal of the Revenue. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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