Books Cannot Be Rejected Solely for Lack of Stock Registers Without Other Defect

DCIT Vs Asian Grantio India Ltd. (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad recently dismissed an addition of Rs. 14,06,42,330 to the total income of Asian Granito India Ltd. made by the Assessing Officer (AO). The AO alleged that the company had suppressed tile production and sold the excess outside its books of accounts. This allegation was based on a comparison of the company’s declared production with data collected from publicly available information about other companies in the same industry. The CIT(A) had earlier deleted this addition, a decision upheld b...