https://www.taxtmi.com/caselaws?id=290412 The ITAT dismissed the Revenue's appeal and upheld the decision of the CIT(A) to delete the addition made by the AO. The ITAT found that the CIT(A) correctly applied a 6% net profit rate based on the assessee's past history, rejecting the AO's 8% estimation due to lack of concrete evidence. The ITAT emphasized the need for substantiated justifications for increasing profit rates. The Revenue's appeal was dismissed, affirming the CIT(A)'s decision, with the order pronounced in open court on a specified date. en-us Fri, 09 Oct 2015 00:00:00 +0530 Fri, 25 Sep 2020 02:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290412 The ITAT dismissed the Revenue's appeal and upheld the decision of the CIT(A) to delete the addition made by the AO. The ITAT found that the CIT(A) correctly applied a 6% net profit rate based on the assessee's past history, rejecting the AO's 8% estimation due to lack of concrete evidence. The ITAT emphasized the need for substantiated justifications for increasing profit rates. The Revenue's appeal was dismissed, affirming the CIT(A)'s decision, with the order pronounced in open court on a specified date. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290412