https://www.taxtmi.com/caselaws?id=438650 The Court upheld the deletion of an addition by the Revenue due to a low GP rate, as the AO failed to provide valid reasons for estimating the GP rate at 1% under best judgment assessment. The CIT(A) found that the AO did not identify discrepancies in the books of accounts or justify the deviation from the declared GP rate, leading to the conclusion that the addition was not sustainable. The Tribunal affirmed the decision, emphasizing the lack of justification for the AO's actions and dismissing the Revenue's appeal. en-us Fri, 02 Jun 2023 00:00:00 +0530 Tue, 06 Jun 2023 08:43:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438650 The Court upheld the deletion of an addition by the Revenue due to a low GP rate, as the AO failed to provide valid reasons for estimating the GP rate at 1% under best judgment assessment. The CIT(A) found that the AO did not identify discrepancies in the books of accounts or justify the deviation from the declared GP rate, leading to the conclusion that the addition was not sustainable. The Tribunal affirmed the decision, emphasizing the lack of justification for the AO's actions and dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 02 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438650