2023 (1) TMI 74 - SCH - Income Tax

Unaccounted purchases - method for discerning the cost of the raw material - GP adoption - Excess Stock - Addition made on the basis of statement, recorded during the course of search proceedings - HELD THAT - Having heard Mr. C.S. Aggarwal, learned Senior Advocate, appearing for the petitioner and Mr. N. Venkataraman, learned ASG, appearing for the Revenue and having gone through the impugned judgment and order passed by the High Court and the reasoning and the findings recorded and having gone through the order passed by the ITAT as well as the assessment order, it cannot be said that the High Court has committed any error in allowing the appeal and quashing the order passed by the ITAT. We are in complete agreement with the view taken by the High Court. Special Leave Petition stands dismissed.

Summary

The Supreme Court of India, in a judgment by Hon'ble Mr. Justice M.R. Shah and Hon'ble Mr. Justice Krishna Murari, dismissed the Special Leave Petition. The High Court's decision to allow the appeal and quash the order passed by the ITAT was upheld.