https://www.taxtmi.com/caselaws?id=443594 The Tribunal allowed the appeal, setting aside the additions and disallowances made by the Assessing Officer (AO) and confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)]. It emphasized that no additions could be made without rejecting the books of accounts, deeming the AO's application of a higher Net Profit (NP) rate unjustified. The Tribunal found the interest charged under section 234D to be consequential and not requiring separate adjudication. The decision was pronounced in open court on 24/08/2023. en-us Thu, 24 Aug 2023 00:00:00 +0530 Tue, 26 Nov 2024 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443594 The Tribunal allowed the appeal, setting aside the additions and disallowances made by the Assessing Officer (AO) and confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)]. It emphasized that no additions could be made without rejecting the books of accounts, deeming the AO's application of a higher Net Profit (NP) rate unjustified. The Tribunal found the interest charged under section 234D to be consequential and not requiring separate adjudication. The decision was pronounced in open court on 24/08/2023. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443594