https://www.taxtmi.com/caselaws?id=762924 ITAT Delhi ruled in favor of the assessee in a meat export business case where the AO rejected books of accounts and made NP additions. The AO found cash purchases of Rs. 2.76 crores (0.33% of total purchases) and applied 4% NP rate based on comparison with earlier years. ITAT held that since the assessee claimed exemption under section 80IB and had no other business activity, any NP addition would qualify for the same exemption, making the addition ineffective. The appeal was allowed. en-us Fri, 06 Dec 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762924 ITAT Delhi ruled in favor of the assessee in a meat export business case where the AO rejected books of accounts and made NP additions. The AO found cash purchases of Rs. 2.76 crores (0.33% of total purchases) and applied 4% NP rate based on comparison with earlier years. ITAT held that since the assessee claimed exemption under section 80IB and had no other business activity, any NP addition would qualify for the same exemption, making the addition ineffective. The appeal was allowed. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762924