https://www.taxtmi.com/caselaws?id=434818 The Tribunal ruled in favor of the assessee, finding the AO's rejection of books of accounts and application of a 10% profit rate unjustified and in violation of DRP's directions. The AO's failure to provide the assessee with an opportunity to furnish additional documents and lack of evidence on excessive related party expenses weakened their position. The Tribunal directed the AO to delete the addition, ultimately allowing the appeal in favor of the assessee. en-us Tue, 28 Feb 2023 00:00:00 +0530 Mon, 03 Jul 2023 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434818 The Tribunal ruled in favor of the assessee, finding the AO's rejection of books of accounts and application of a 10% profit rate unjustified and in violation of DRP's directions. The AO's failure to provide the assessee with an opportunity to furnish additional documents and lack of evidence on excessive related party expenses weakened their position. The Tribunal directed the AO to delete the addition, ultimately allowing the appeal in favor of the assessee. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434818