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Rejection of books of accounts - Fall in GP - variation in Power...

Assessee's books rejection overturned; reasonable explanation for profit drop accepted, no extra tax imposed.

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Income Tax October 3, 2019 Case Laws AT
Rejection of books of accounts - Fall in GP - variation in Power (Electricity) Consumption - assessee has given cogent explanation for the fall in G.P. as well as non-production of supporting documents. In the absence of any rebuttal or attempt by the Revenue, No addition can be made.

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Acts Income Tax