https://www.taxtmi.com/caselaws?id=249335 The ITAT allowed cross appeals by the assessee and Revenue against the CIT(A) order for the assessment year 2006-07 under Section 143(3) of the I.T. Act. The AO's rejection of the assessee's books of account was upheld, but the 15% profit rate was deemed unjustified. The addition was limited to &8377; 17,00,000 based on previous profit rates and unexplained cash transactions. The ITAT directed a fresh examination by the AO on specific issues, emphasizing the need for detailed evidence and full opportunity for the assessee. Both appeals were allowed in part, remanding the matter for reevaluation of specified issues. en-us Wed, 11 Jun 2014 00:00:00 +0530 Fri, 11 Jul 2014 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249335 The ITAT allowed cross appeals by the assessee and Revenue against the CIT(A) order for the assessment year 2006-07 under Section 143(3) of the I.T. Act. The AO's rejection of the assessee's books of account was upheld, but the 15% profit rate was deemed unjustified. The addition was limited to &8377; 17,00,000 based on previous profit rates and unexplained cash transactions. The ITAT directed a fresh examination by the AO on specific issues, emphasizing the need for detailed evidence and full opportunity for the assessee. Both appeals were allowed in part, remanding the matter for reevaluation of specified issues. Case-Laws Income Tax Wed, 11 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249335