https://www.taxtmi.com/caselaws?id=261769 The appeals were filed against the deletion of addition on account of low Gross Profit (GP) by the Assessing Officer. The Revenue argued for a higher GP rate, but the CIT(A) emphasized the nature of the assessee's business model and deleted the addition. The ITAT held that the reasons for rejecting the books of accounts were insufficient under Section 145 of the Income Tax Act. Comparing with previous cases, the ITAT upheld the deletion of the GP addition, emphasizing the lack of justification for estimating income based on higher GP rates. All appeals by the Revenue were dismissed. en-us Fri, 17 Jul 2015 00:00:00 +0530 Wed, 22 Jul 2015 06:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261769 The appeals were filed against the deletion of addition on account of low Gross Profit (GP) by the Assessing Officer. The Revenue argued for a higher GP rate, but the CIT(A) emphasized the nature of the assessee's business model and deleted the addition. The ITAT held that the reasons for rejecting the books of accounts were insufficient under Section 145 of the Income Tax Act. Comparing with previous cases, the ITAT upheld the deletion of the GP addition, emphasizing the lack of justification for estimating income based on higher GP rates. All appeals by the Revenue were dismissed. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261769