https://www.taxtmi.com/caselaws?id=184272 The Tribunal upheld the CIT(A)'s decisions and dismissed the Revenue's appeal in its entirety. The deletion of the addition on account of low GP was justified due to the marginal fall in GP in a new business concern without specific defects in account books. The addition made on undisclosed bank accounts was correctly calculated by the CIT(A) based on the peak amount, not the total credit side. Additionally, the deletion of the addition on unaccounted closing bank balance was deemed unnecessary as the peak balance had already been assessed. en-us Mon, 02 Feb 2015 00:00:00 +0530 Mon, 04 Jul 2016 16:06:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184272 The Tribunal upheld the CIT(A)'s decisions and dismissed the Revenue's appeal in its entirety. The deletion of the addition on account of low GP was justified due to the marginal fall in GP in a new business concern without specific defects in account books. The addition made on undisclosed bank accounts was correctly calculated by the CIT(A) based on the peak amount, not the total credit side. Additionally, the deletion of the addition on unaccounted closing bank balance was deemed unnecessary as the peak balance had already been assessed. Case-Laws Income Tax Mon, 02 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184272