Addition deleted as no sales found to be made out of books of accounts: ITAT Nagpur

Shrigopal Rameshkumar Sales Pvt. Ltd. Vs DCIT (ITAT Nagpur) ITAT Nagpur held that addition is liable to be deleted since the entire sales having already been recorded in the books of accounts and no sales having been found to have been made out of the books of accounts. Accordingly, addition deleted in absence of any corroborative evidence. Facts- The assessee is engaged in the business of running a Ginning Mill and dealing in cotton. A search and seizure action u/s. 132(1) of the Income Tax Act, 1961 was conducted on the assessee on 12/02/2015. During the course of search, it is the case of t...