https://www.taxtmi.com/caselaws?id=177917 The case involved cross appeals regarding a trading addition made by the Assessing Officer at a higher GP rate than declared by the assessee. The AO's addition was based on unverifiable purchases, leading to a dispute under section 145(3) of the IT Act. The CIT(A) upheld the rejection of books but directed a higher GP rate based on past history and turnover decline. The ITAT considered previous cases and adjusted the GP rate to 8% for the current year due to declining rates and market competition. The final decision partially allowed the assessee's appeal, dismissing the department's appeal and modifying the GP rate to 8% for a fair assessment. en-us Thu, 30 Jan 2014 00:00:00 +0530 Wed, 17 Feb 2016 19:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177917 The case involved cross appeals regarding a trading addition made by the Assessing Officer at a higher GP rate than declared by the assessee. The AO's addition was based on unverifiable purchases, leading to a dispute under section 145(3) of the IT Act. The CIT(A) upheld the rejection of books but directed a higher GP rate based on past history and turnover decline. The ITAT considered previous cases and adjusted the GP rate to 8% for the current year due to declining rates and market competition. The final decision partially allowed the assessee's appeal, dismissing the department's appeal and modifying the GP rate to 8% for a fair assessment. Case-Laws Income Tax Thu, 30 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177917