https://www.taxtmi.com/caselaws?id=66971 The Tribunal upheld the Appellate Authority Commissioner's decision to delete the Income Tax Officer's addition of Rs. 50,000 to the declared trading results of a registered firm manufacturing medicines during A.Y. 1974-75. The Tribunal found the firm's disclosed Gross Profit rate reasonable based on thorough record-keeping and compliance with government regulations, rejecting the Department's challenge and affirming the firm's declared GP rate. The cross objection filed by the assessee was dismissed, resulting in the affirmation of the AAC's decision and the rejection of both parties' appeals. en-us Fri, 14 Dec 1973 00:00:00 +0530 Tue, 08 Mar 2011 13:32:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66971 The Tribunal upheld the Appellate Authority Commissioner's decision to delete the Income Tax Officer's addition of Rs. 50,000 to the declared trading results of a registered firm manufacturing medicines during A.Y. 1974-75. The Tribunal found the firm's disclosed Gross Profit rate reasonable based on thorough record-keeping and compliance with government regulations, rejecting the Department's challenge and affirming the firm's declared GP rate. The cross objection filed by the assessee was dismissed, resulting in the affirmation of the AAC's decision and the rejection of both parties' appeals. Case-Laws Income Tax Fri, 14 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66971