ITAT Pune Upholds Deletion of Addition for Melting Gain

Joint Commissioner of Income Tax (OSD) Vs Rajmal Lakhichand (ITAT Pune) Income Tax Appellate Tribunal (ITAT) Pune Bench has dismissed an appeal filed by the Joint Commissioner of Income Tax (OSD) against Rajmal Lakhichand, a firm engaged in the manufacturing and trading of gold and silver ornaments. The dispute centered on an addition of Rs. 3,26,20,982/- made by the Assessing Officer (AO) to the assessee’s income for the Assessment Year (AY) 2017-18, citing low melting gains. The case, heard by the ITAT Pune, revolved around the percentage of gold melting gain reported by M/s. Rajmal La...