https://www.taxtmi.com/caselaws?id=386588 The tribunal allowed the appeal of the assessee, directing the deletion of the addition made by the AO. The tribunal found the rejection of books of accounts and the adjustment of the Gross Profit rate unjustified, as the explanations provided by the assessee were deemed credible. The CIT(A)'s order was held to lack a proper basis and was not justified. The tribunal did not adjudicate on the issue of enhanced Gross Profit rate on the entire turnover inclusive of Excise Duty. en-us Fri, 31 May 2019 00:00:00 +0530 Thu, 03 Oct 2019 06:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386588 The tribunal allowed the appeal of the assessee, directing the deletion of the addition made by the AO. The tribunal found the rejection of books of accounts and the adjustment of the Gross Profit rate unjustified, as the explanations provided by the assessee were deemed credible. The CIT(A)'s order was held to lack a proper basis and was not justified. The tribunal did not adjudicate on the issue of enhanced Gross Profit rate on the entire turnover inclusive of Excise Duty. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386588