https://www.taxtmi.com/caselaws?id=280651 The CIT(A) order deleting the addition made by the Assessing Officer based on a net profit rate of 3% was upheld. The CIT(A) found no discrepancies in the maintained books of account and rejected the AO's justification for applying a higher net profit rate. The Tribunal modified the net profit rate to 1.5% instead of the declared 1.25%, partially allowing the Revenue's appeal. The judgment emphasizes the necessity of accurate record-keeping and the tax authorities' burden to substantiate adjustments under the Income-tax Act, 1961. en-us Wed, 21 Dec 2011 00:00:00 +0530 Wed, 15 May 2019 11:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280651 The CIT(A) order deleting the addition made by the Assessing Officer based on a net profit rate of 3% was upheld. The CIT(A) found no discrepancies in the maintained books of account and rejected the AO's justification for applying a higher net profit rate. The Tribunal modified the net profit rate to 1.5% instead of the declared 1.25%, partially allowing the Revenue's appeal. The judgment emphasizes the necessity of accurate record-keeping and the tax authorities' burden to substantiate adjustments under the Income-tax Act, 1961. Case-Laws Income Tax Wed, 21 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280651