https://www.taxtmi.com/caselaws?id=207884 The Tribunal dismissed the department's appeal and allowed the cross objection by the assessee. The Tribunal directed the AO to apply the GP estimated at the average rate of the preceding three years instead of the 8.5% rate applied by the ld. CIT(A). The dispute arose from the rejection of the books of account and the subsequent estimation of GP, with the Tribunal finding the lack of a proper basis for the 8.5% rate. en-us Sat, 12 Feb 2011 00:00:00 +0530 Wed, 28 Dec 2011 02:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207884 The Tribunal dismissed the department's appeal and allowed the cross objection by the assessee. The Tribunal directed the AO to apply the GP estimated at the average rate of the preceding three years instead of the 8.5% rate applied by the ld. CIT(A). The dispute arose from the rejection of the books of account and the subsequent estimation of GP, with the Tribunal finding the lack of a proper basis for the 8.5% rate. Case-Laws Income Tax Sat, 12 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207884