Addition unjustified in absence of concrete material demonstrating understated scrap sales

New Delhi Export House Vs JCIT (ITAT Delhi) ITAT Delhi held that addition on the basis of estimation of scrap sales unjustified as AO has not brought on record any concrete material to demonstrate that the sale of Scrap recorded by the assessee is understated. Facts- AO on perusing the Profit and Loss account statement noted that assessee had booked income from Scrap Sales amounting to Rs.8,16,618/-. AO was of the view that in the line of business of the assessee the Scrap/Waste cloth generated is huge. He also noted that the sale price of Scrap of Katran which was declared by the assessee was...