https://www.taxtmi.com/caselaws?id=397864 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the peak credit addition of Rs. 1,25,53,136/- and the addition of Rs. 67,76,734/- on account of Gross Profit. It found that the assessee had adequate stock and cash to offset the peak balance in the undisclosed bank account and that the disclosed net profit rate was in line with previous years and comparable businesses. The Tribunal dismissed the Revenue's appeal, concluding that the Assessing Officer was unjustified in his additions and rejection of the books of accounts under Section 145(3) of the Income Tax Act. en-us Thu, 20 Aug 2020 00:00:00 +0530 Mon, 31 Aug 2020 18:26:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397864 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the peak credit addition of Rs. 1,25,53,136/- and the addition of Rs. 67,76,734/- on account of Gross Profit. It found that the assessee had adequate stock and cash to offset the peak balance in the undisclosed bank account and that the disclosed net profit rate was in line with previous years and comparable businesses. The Tribunal dismissed the Revenue's appeal, concluding that the Assessing Officer was unjustified in his additions and rejection of the books of accounts under Section 145(3) of the Income Tax Act. Case-Laws Income Tax Thu, 20 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397864