https://www.taxtmi.com/caselaws?id=461645 ITAT Delhi allowed the assessee's appeal against rejection of books of accounts and trading addition. The AO unjustifiably rejected books without proper examination, while CIT(A) arbitrarily reduced GP rate from 4% to 3% as an act of benevolence rather than judicial exercise. Both authorities failed to consider relevant financial records and specific instances of misreporting. The tribunal held that ad-hoc assessments have no place in law when proper documentation is provided, emphasizing need for specific justification before rejecting books of accounts. en-us Tue, 08 Oct 2024 00:00:00 +0530 Fri, 18 Apr 2025 19:14:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461645 ITAT Delhi allowed the assessee's appeal against rejection of books of accounts and trading addition. The AO unjustifiably rejected books without proper examination, while CIT(A) arbitrarily reduced GP rate from 4% to 3% as an act of benevolence rather than judicial exercise. Both authorities failed to consider relevant financial records and specific instances of misreporting. The tribunal held that ad-hoc assessments have no place in law when proper documentation is provided, emphasizing need for specific justification before rejecting books of accounts. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461645