https://www.taxtmi.com/caselaws?id=283568 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s decision to delete an addition on account of low Gross Profit made by the AO after rejecting the books of account. The Tribunal held that the AO failed to demonstrate specific defects in the books of accounts justifying their rejection. It affirmed the CIT(A)'s findings that the assessee provided a plausible explanation for the decrease in gross profit, and the books of accounts were maintained meticulously without irregularities. The appeal was dismissed, emphasizing the necessity of identifying specific defects to support the rejection of books of accounts. en-us Wed, 31 Jul 2013 00:00:00 +0530 Mon, 30 Sep 2019 14:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283568 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s decision to delete an addition on account of low Gross Profit made by the AO after rejecting the books of account. The Tribunal held that the AO failed to demonstrate specific defects in the books of accounts justifying their rejection. It affirmed the CIT(A)'s findings that the assessee provided a plausible explanation for the decrease in gross profit, and the books of accounts were maintained meticulously without irregularities. The appeal was dismissed, emphasizing the necessity of identifying specific defects to support the rejection of books of accounts. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283568