https://www.taxtmi.com/caselaws?id=290326 The ITAT allowed the assessee's appeal, deleting the addition made by the A.O. who estimated income using a 20% gross profit rate without rejecting the books of accounts. The Tribunal, referencing a Karnataka HC judgment and a similar Tribunal order, held that assessments based on estimation without rejecting the books are unjustified. Consequently, the A.O.'s addition was deemed unsustainable, and the relief sought by the assessee was granted. en-us Fri, 29 Mar 2019 00:00:00 +0530 Thu, 14 Nov 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290326 The ITAT allowed the assessee's appeal, deleting the addition made by the A.O. who estimated income using a 20% gross profit rate without rejecting the books of accounts. The Tribunal, referencing a Karnataka HC judgment and a similar Tribunal order, held that assessments based on estimation without rejecting the books are unjustified. Consequently, the A.O.'s addition was deemed unsustainable, and the relief sought by the assessee was granted. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290326