Gross Profit Addition Deleted Because Tag Price Is Not Actual Sale Price

Begani Jewels Vs ACIT (ITAT Mumbai) Tag Price Is Not Sale Price: ITAT Deletes Entire GP Addition Based on Cascade Software in Jewellery Search Case Mumbai ITAT “B” Bench allowed the appeals of Begani Jewels for AYs 2020-21 to 2023-24 & dismissed the cross-appeals of the Revenue, holding that additions made u/s 28 on account of alleged suppression of sales by comparing Cascade software “tag prices” with actual sales recorded in Tally were unsustainable. The Tribunal held that tag prices recorded in Cascade software were merely reference / display prices used for inventory management...