https://www.taxtmi.com/caselaws?id=409742 The Tribunal upheld the CIT(A)'s decision to delete Rs. 1,88,80,279 out of a total addition of Rs. 2,28,55,077 made by the AO after rejecting the books of accounts under section 145(3). The Tribunal found the AO's estimation of GP rate unreasonable, considering market conditions and increased costs. The Tribunal emphasized that best judgment assessment should be based on reasonable estimates and material on record. Consequently, the Revenue's appeal was dismissed, affirming the deletion of the aforementioned amount. en-us Wed, 14 Jul 2021 00:00:00 +0530 Thu, 15 Jul 2021 08:05:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409742 The Tribunal upheld the CIT(A)'s decision to delete Rs. 1,88,80,279 out of a total addition of Rs. 2,28,55,077 made by the AO after rejecting the books of accounts under section 145(3). The Tribunal found the AO's estimation of GP rate unreasonable, considering market conditions and increased costs. The Tribunal emphasized that best judgment assessment should be based on reasonable estimates and material on record. Consequently, the Revenue's appeal was dismissed, affirming the deletion of the aforementioned amount. Case-Laws Income Tax Wed, 14 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409742