Addition towards inadequate reflection of stock unsustainable as assessee is only a commission agent

Portfolio Fashions Pvt. Ltd. Vs CIT (ITAT Mumbai) ITAT Mumbai held that addition towards suppression of profit by not reflecting properly the opening and closing stock unsustainable as assessee is only a commission agent and assessee has recorded the transactions to square up the sales and purchases in its Books of Accounts and declared only the commission income as its main source of income. Facts- Assessee is in the business of trading activities of various apparels and accessories of its own brand viz “Muse”. The assessee is also into trading of products / apparels of “Sab...