https://www.taxtmi.com/caselaws?id=311786 The ITAT Jaipur rejected the AO's application of enhanced GP rate of 3.25% and accepted the assessee's declared GP rate of 1.68%, finding no justified grounds for enhancement. The tribunal deleted additions of Rs. 2,26,41,521/- for alleged suppression of sales, noting lack of substantive evidence and failure to confront the assessee with comparable case material. However, accounts rejection was upheld with ad hoc addition of Rs. 2,00,000/- for possible income leakage. The tribunal also deleted Rs. 62,98,437/- addition for estimated sales from customer advances, citing consistent approach required across assessment years. Additionally, TDS disallowance under section 40(a)(ia) was deleted as payees were established companies who had already paid taxes on received amounts. en-us Wed, 09 Nov 2022 00:00:00 +0530 Sat, 13 Jan 2024 08:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311786 The ITAT Jaipur rejected the AO's application of enhanced GP rate of 3.25% and accepted the assessee's declared GP rate of 1.68%, finding no justified grounds for enhancement. The tribunal deleted additions of Rs. 2,26,41,521/- for alleged suppression of sales, noting lack of substantive evidence and failure to confront the assessee with comparable case material. However, accounts rejection was upheld with ad hoc addition of Rs. 2,00,000/- for possible income leakage. The tribunal also deleted Rs. 62,98,437/- addition for estimated sales from customer advances, citing consistent approach required across assessment years. Additionally, TDS disallowance under section 40(a)(ia) was deleted as payees were established companies who had already paid taxes on received amounts. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311786