https://www.taxtmi.com/caselaws?id=344452 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 40,55,661 based on a fall in GP rate for the assessment year 2011-12. The ITAT found no flaws in the CIT(A)'s reasoning, emphasizing that the rejection of books by the AO was unjustified as the surrendered income covered the discrepancies and the GP rate was reasonable. The ITAT upheld the deletion of the addition, noting that the GP had actually increased and exceeded the AO's addition, ultimately ruling in favor of the taxpayer. en-us Fri, 02 Jun 2017 00:00:00 +0530 Sat, 17 Jun 2017 11:07:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344452 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the addition of Rs. 40,55,661 based on a fall in GP rate for the assessment year 2011-12. The ITAT found no flaws in the CIT(A)'s reasoning, emphasizing that the rejection of books by the AO was unjustified as the surrendered income covered the discrepancies and the GP rate was reasonable. The ITAT upheld the deletion of the addition, noting that the GP had actually increased and exceeded the AO's addition, ultimately ruling in favor of the taxpayer. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344452