https://www.taxtmi.com/caselaws?id=169878 The Assessee appealed against the CIT(A)'s decision to enhance the NP rate without providing an opportunity to present their case. The CIT(A) rejected the AO's estimation without rejecting the books of accounts, determining the net profit at 4% of turnover. The addition of unexplained sundry creditors was deleted by the CIT(A) due to timely confirmations provided. The CIT(A) also rejected the AO's disallowance of inflated purchases and remitted the issue for fresh consideration. The difference in purchases between profit loss and ledger accounts was remitted for proper consideration. The Tribunal allowed both parties' appeals for statistical purposes, remitting all issues to the AO for reconsideration after providing the Assessee with a proper opportunity to be heard. en-us Mon, 24 Mar 2014 00:00:00 +0530 Sat, 01 Nov 2014 16:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169878 The Assessee appealed against the CIT(A)'s decision to enhance the NP rate without providing an opportunity to present their case. The CIT(A) rejected the AO's estimation without rejecting the books of accounts, determining the net profit at 4% of turnover. The addition of unexplained sundry creditors was deleted by the CIT(A) due to timely confirmations provided. The CIT(A) also rejected the AO's disallowance of inflated purchases and remitted the issue for fresh consideration. The difference in purchases between profit loss and ledger accounts was remitted for proper consideration. The Tribunal allowed both parties' appeals for statistical purposes, remitting all issues to the AO for reconsideration after providing the Assessee with a proper opportunity to be heard. Case-Laws Income Tax Mon, 24 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169878