https://www.taxtmi.com/caselaws?id=347427 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 41,47,663/- made by the AO based on an estimated gross profit rate. The Tribunal found that the AO's approach of extrapolating profit margins from a few samples to the entire sales was unjustified, as the assessee had provided comprehensive details of sales and purchases, and no defects were found in the audited books of account. The Tribunal concluded that the AO's rejection of the book results and estimation of profit were unwarranted, dismissing the Revenue's appeal. en-us Wed, 30 Aug 2017 00:00:00 +0530 Mon, 04 Sep 2017 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347427 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 41,47,663/- made by the AO based on an estimated gross profit rate. The Tribunal found that the AO's approach of extrapolating profit margins from a few samples to the entire sales was unjustified, as the assessee had provided comprehensive details of sales and purchases, and no defects were found in the audited books of account. The Tribunal concluded that the AO's rejection of the book results and estimation of profit were unwarranted, dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 30 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347427