https://www.taxtmi.com/caselaws?id=195491 The Tribunal allowed the assessee's appeal against the CIT(A)'s decision to confirm the Gross Profit rate based on previous three years under the Income Tax Act for Assessment Year 2003-04. The Tribunal held that since the Assessing Officer did not reject the books of accounts and there was no clear finding or rejection of books of account, the lower authorities erred in applying the gross profit rate based on earlier years. Therefore, the Tribunal allowed the claim of the assessee, overturning the CIT(A)'s decision. en-us Fri, 11 Mar 2011 00:00:00 +0530 Wed, 01 Nov 2017 17:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195491 The Tribunal allowed the assessee's appeal against the CIT(A)'s decision to confirm the Gross Profit rate based on previous three years under the Income Tax Act for Assessment Year 2003-04. The Tribunal held that since the Assessing Officer did not reject the books of accounts and there was no clear finding or rejection of books of account, the lower authorities erred in applying the gross profit rate based on earlier years. Therefore, the Tribunal allowed the claim of the assessee, overturning the CIT(A)'s decision. Case-Laws Income Tax Fri, 11 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195491