Addition based on GP Rate: ITAT reduces addition from 2.26 Crore to 2 Lakh

Raj Auto Wheels (P) Ltd Vs ACIT (ITAT Jaipur) Introduction: In the recent case of Raj Auto Wheels (P) Ltd vs. ACIT (Income Tax Appellate Tribunal, Jaipur), the Tribunal carefully examined the facts, arguments from both parties, and relevant legal precedents. The case primarily revolves around the addition of advances received from customers in the assessment years 2010-11 to 2013-14, totaling Rs. 2,19,27,275/-. The assessing officer enhanced the declared sale amount of Rs. 40.48 crore by 12.15%, resulting in an impugned addition of Rs. 2,06,46,689/-. Suppression of Sale Allegation: The Tribu...