AO Failed To Consider Genuine Purchases And Sales Entered In The Books Of Account: Himachal Pradesh High Court Deletes Addition

The Himachal Pradesh High Court bench of Justice Sabina and Justice Satyen Vaidya has deleted the addition on the grounds that the Assessing Officer (AO) has failed to consider genuine purchases and sales entered in the books of account. The respondent/assessee company followed a direct marketing business model and derived income from retail trading of various consumer goods. The...