https://www.taxtmi.com/caselaws?id=371642 The High Court allowed the appeal, setting aside the ITAT order and restoring the CIT(A)'s decision in favor of the assessee. The Court criticized the Tribunal's reduction to 2.5% as guesswork without proper basis, emphasizing that a low gross profit rate alone is insufficient for additions. The addition made by the AO was rightly deleted by the CIT(A), as the AO did not consider supporting documents provided by the assessee. The Court answered the substantial questions of law in favor of the assessee, highlighting the inadequacy of mere comparison with previous year's expenditure for additions. en-us Thu, 15 Nov 2018 00:00:00 +0530 Thu, 06 Dec 2018 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371642 The High Court allowed the appeal, setting aside the ITAT order and restoring the CIT(A)'s decision in favor of the assessee. The Court criticized the Tribunal's reduction to 2.5% as guesswork without proper basis, emphasizing that a low gross profit rate alone is insufficient for additions. The addition made by the AO was rightly deleted by the CIT(A), as the AO did not consider supporting documents provided by the assessee. The Court answered the substantial questions of law in favor of the assessee, highlighting the inadequacy of mere comparison with previous year's expenditure for additions. Case-Laws Income Tax Thu, 15 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371642