https://www.taxtmi.com/caselaws?id=289059 The Appellate Tribunal ITAT Bangalore upheld the decision of the Commissioner of Income Tax (Appeals) to delete an addition of Rs. 755,93,125 made by the Assessing Officer due to low Gross Profit and Net Profit. The Tribunal found that since the books were not rejected and assessment was not completed under section 144, the AO's action was not justified. Relying on a judgment of the Karnataka High Court, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition. en-us Thu, 20 Feb 2020 00:00:00 +0530 Sat, 11 Jul 2020 10:35:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289059 The Appellate Tribunal ITAT Bangalore upheld the decision of the Commissioner of Income Tax (Appeals) to delete an addition of Rs. 755,93,125 made by the Assessing Officer due to low Gross Profit and Net Profit. The Tribunal found that since the books were not rejected and assessment was not completed under section 144, the AO's action was not justified. Relying on a judgment of the Karnataka High Court, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the addition. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289059