https://www.taxtmi.com/caselaws?id=411563 The Tribunal allowed the appeal, directing the deletion of the sustained addition. It emphasized the importance of considering past GP rates when estimating income after rejecting books and highlighted the AO's duty to make a fair assessment based on all relevant factors. The appellant's contentions regarding alleged bogus purchases and low gross profit were upheld, with the Tribunal criticizing the AO and CIT(A) for not adhering to the ITAT's previous decision and for failing to summon parties for confirming purchases. The estimated gross profit rate was also adjusted in favor of the appellant, resulting in the deletion of the additional amount. en-us Mon, 10 May 2021 00:00:00 +0530 Sat, 28 Aug 2021 09:21:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411563 The Tribunal allowed the appeal, directing the deletion of the sustained addition. It emphasized the importance of considering past GP rates when estimating income after rejecting books and highlighted the AO's duty to make a fair assessment based on all relevant factors. The appellant's contentions regarding alleged bogus purchases and low gross profit were upheld, with the Tribunal criticizing the AO and CIT(A) for not adhering to the ITAT's previous decision and for failing to summon parties for confirming purchases. The estimated gross profit rate was also adjusted in favor of the appellant, resulting in the deletion of the additional amount. Case-Laws Income Tax Mon, 10 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411563