https://www.taxtmi.com/caselaws?id=462574 ITAT Delhi allowed the assessee's appeal against rejection of books of accounts and addition of 2% net profit estimation. The court relied on precedent from Zakira Kamil case involving identical facts where books were accepted and estimate-based additions deleted. CIT(A) failed to properly analyze assessee's submissions and merely reiterated AO's reasoning without considering detailed explanations provided. The department's own assessment in similar livestock trade cases estimated market standard at 0.50%, contradicting the 2% addition. The tribunal found AO's reasons for book rejection unsustainable given the factual circumstances. en-us Thu, 24 Oct 2024 00:00:00 +0530 Wed, 02 Jul 2025 11:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462574 ITAT Delhi allowed the assessee's appeal against rejection of books of accounts and addition of 2% net profit estimation. The court relied on precedent from Zakira Kamil case involving identical facts where books were accepted and estimate-based additions deleted. CIT(A) failed to properly analyze assessee's submissions and merely reiterated AO's reasoning without considering detailed explanations provided. The department's own assessment in similar livestock trade cases estimated market standard at 0.50%, contradicting the 2% addition. The tribunal found AO's reasons for book rejection unsustainable given the factual circumstances. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462574