https://www.taxtmi.com/caselaws?id=338217 The appellant appealed against the rejection of books of account and the application of a higher GP by the Assessing Officer. The Tribunal ruled in favor of the appellant, stating that the rejection of accounts solely based on unvouched sales was unjustified. The Tribunal also overturned the excessive GP applied by the AO, considering comparable cases and legal precedents. Additionally, the Tribunal deemed the penalty proceedings under section 271(1)(c) invalid due to the deletion of the addition in the quantum appeal, leading to the appellant's successful appeal against the penalty imposition. en-us Thu, 01 Dec 2016 00:00:00 +0530 Wed, 25 Jan 2017 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338217 The appellant appealed against the rejection of books of account and the application of a higher GP by the Assessing Officer. The Tribunal ruled in favor of the appellant, stating that the rejection of accounts solely based on unvouched sales was unjustified. The Tribunal also overturned the excessive GP applied by the AO, considering comparable cases and legal precedents. Additionally, the Tribunal deemed the penalty proceedings under section 271(1)(c) invalid due to the deletion of the addition in the quantum appeal, leading to the appellant's successful appeal against the penalty imposition. Case-Laws Income Tax Thu, 01 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338217