https://www.taxtmi.com/caselaws?id=456583 ITAT Jaipur upheld CIT(A)'s decision validating special audit approval and assessment order, finding no evidence of lack of application of mind. The tribunal reduced trading addition by applying weighted average gross profit rate of 16.98% instead of 24% estimated by authorities, calculating addition on assessee's computed turnover of Rs. 25.06 crores. Disallowances under sections 40A(3) and 40(a)(ia) were deleted as books were rejected for profit estimation. Share capital addition was deleted following favorable precedent from earlier assessment years. Bill premium and expense disallowances were also deleted. Appeal partly allowed in assessee's favor. en-us Tue, 28 Feb 2017 00:00:00 +0530 Fri, 02 Aug 2024 08:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456583 ITAT Jaipur upheld CIT(A)'s decision validating special audit approval and assessment order, finding no evidence of lack of application of mind. The tribunal reduced trading addition by applying weighted average gross profit rate of 16.98% instead of 24% estimated by authorities, calculating addition on assessee's computed turnover of Rs. 25.06 crores. Disallowances under sections 40A(3) and 40(a)(ia) were deleted as books were rejected for profit estimation. Share capital addition was deleted following favorable precedent from earlier assessment years. Bill premium and expense disallowances were also deleted. Appeal partly allowed in assessee's favor. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456583