https://www.taxtmi.com/caselaws?id=760093 The ITAT Chandigarh dismissed the Revenue's appeal on two grounds. First, regarding GP rate enhancement from 3.18% to 3.43%, the ITAT upheld CIT(A)'s deletion of the addition, finding that since the current year's GP rate was lower than the previous year, the AO's estimated increase was unjustified. Second, concerning cash deposits under Section 69A, the ITAT confirmed CIT(A)'s deletion, noting that the AO accepted all purchases and stock but failed to provide evidence for rejecting sales from such stock. The ITAT found CIT(A)'s findings logical and justified, requiring no interference. en-us Tue, 20 Aug 2024 00:00:00 +0530 Mon, 16 Dec 2024 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760093 The ITAT Chandigarh dismissed the Revenue's appeal on two grounds. First, regarding GP rate enhancement from 3.18% to 3.43%, the ITAT upheld CIT(A)'s deletion of the addition, finding that since the current year's GP rate was lower than the previous year, the AO's estimated increase was unjustified. Second, concerning cash deposits under Section 69A, the ITAT confirmed CIT(A)'s deletion, noting that the AO accepted all purchases and stock but failed to provide evidence for rejecting sales from such stock. The ITAT found CIT(A)'s findings logical and justified, requiring no interference. Case-Laws Income Tax Tue, 20 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760093