ITAT Chandigarh Deletes GP Addition; Rejects Audited Book Rejection Without Specific Defects

Advertisement Roop Square Private Limited Vs ACIT (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, adjudicated cross-appeals filed by the assessee (ITA No. 198/Chd/2021) and the Revenue (ITA No. 249/Chd/2021) against the order dated July 30, 2021, passed by the Commissioner of Income Tax (Appeals)-5, Ludhiana [CIT(A)] for Assessment Year 2017–18. Material Facts & Procedural History The assessee was engaged in retail trading of garments and jewellery. A search and seizure operation under Section 132(1) was conducted on November 1, 2017 at the business and ...