https://www.taxtmi.com/caselaws?id=396128 The ITAT RAJKOT allowed the Assessee's appeal against the partial confirmation of an addition of Rs. 10 lakhs to the total income due to alleged understatement of sales price. The ITAT emphasized that rejecting books of accounts should be based on specific reasons and supported by evidence. It found the ad-hoc addition without material impermissible, directing the AO to delete the addition. The decision favored the Assessee, highlighting the importance of judicious exercise of power under section 145 of the Income Tax Act. en-us Tue, 17 Mar 2020 00:00:00 +0530 Wed, 24 Jun 2020 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396128 The ITAT RAJKOT allowed the Assessee's appeal against the partial confirmation of an addition of Rs. 10 lakhs to the total income due to alleged understatement of sales price. The ITAT emphasized that rejecting books of accounts should be based on specific reasons and supported by evidence. It found the ad-hoc addition without material impermissible, directing the AO to delete the addition. The decision favored the Assessee, highlighting the importance of judicious exercise of power under section 145 of the Income Tax Act. Case-Laws Income Tax Tue, 17 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396128