https://www.taxtmi.com/caselaws?id=395448 The Tribunal allowed the assessee's appeal and deleted the addition of Rs. 21,65,807/-, emphasizing that rejection of books does not necessitate an addition if disclosed G.P. rates align with industry standards. The Tribunal found the CIT(A)'s basis for estimating the G.P. rate at 19.25% unclear and unsupported, directing the deletion of the addition. The appeal grounds challenging reassessment initiation and book rejection were dismissed as academic. The judgment was pronounced on 15/04/2020. en-us Wed, 15 Apr 2020 00:00:00 +0530 Fri, 22 May 2020 13:02:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395448 The Tribunal allowed the assessee's appeal and deleted the addition of Rs. 21,65,807/-, emphasizing that rejection of books does not necessitate an addition if disclosed G.P. rates align with industry standards. The Tribunal found the CIT(A)'s basis for estimating the G.P. rate at 19.25% unclear and unsupported, directing the deletion of the addition. The appeal grounds challenging reassessment initiation and book rejection were dismissed as academic. The judgment was pronounced on 15/04/2020. Case-Laws Income Tax Wed, 15 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395448