https://www.taxtmi.com/caselaws?id=765895 ITAT DELHI allowed the assessee's appeal on two grounds. First, regarding trading results addition, the Tribunal restricted the gross profit rate to 15% following its own precedent for assessment years 2000-01 to 2004-05, directing the AO to recompute trading addition accordingly. Second, the penalty under section 271(1)(c) was deleted due to defective notice where irrelevant portions were not struck off, making it an omnibus notice suffering from vagueness and failing to inform the assessee of specific penalty grounds. en-us Fri, 07 Feb 2025 00:00:00 +0530 Tue, 11 Feb 2025 12:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765895 ITAT DELHI allowed the assessee's appeal on two grounds. First, regarding trading results addition, the Tribunal restricted the gross profit rate to 15% following its own precedent for assessment years 2000-01 to 2004-05, directing the AO to recompute trading addition accordingly. Second, the penalty under section 271(1)(c) was deleted due to defective notice where irrelevant portions were not struck off, making it an omnibus notice suffering from vagueness and failing to inform the assessee of specific penalty grounds. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765895