No GP Addition if No Specific Defects Found in Books of Account: ITAT Delhi

Gorja Steel Processors Vs DCIT (ITAT Delhi) The assessee filed appeals against orders of the Commissioner of Income Tax (Appeals) relating to assessment years arising from assessments made under Sections 143(3)/153A of the Income Tax Act. Although multiple grounds were raised, during the hearing the assessee restricted its arguments to the issues concerning rejection of books of account under Section 145(3) and the consequent trading additions based on estimated gross profit. A search and seizure operation was conducted on 30.07.2018 on the assessee group. The Revenue alleged that group concer...