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1981 (12) TMI 81 - AT - Income Tax

The appeal was regarding addition to the trading account made by the ITO and confirmed by the AAC. The ITO estimated sales at Rs. 4,90,000 with a G.P. of 12.5% due to lack of proper verification. The AAC upheld the ITO's order. The ITAT found no valid grounds for the addition and deleted it. The appeal by the assessee was allowed.

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