https://www.taxtmi.com/caselaws?id=779728 ITAT upheld rejection of the taxpayer's books for understatement of gross profit, finding no evidence to support the declared GP of 1.83% and adopting nearby market comparables to compute GP at 2.4%. Consequently the books were rejected on that basis. However, once the books were rejected, the tribunal disallowed no further adjustment for alleged excess expenditure and accepted the taxpayer's third substantive ground, dismissing the expenditure disallowance. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 11 Oct 2025 09:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779728 ITAT upheld rejection of the taxpayer's books for understatement of gross profit, finding no evidence to support the declared GP of 1.83% and adopting nearby market comparables to compute GP at 2.4%. Consequently the books were rejected on that basis. However, once the books were rejected, the tribunal disallowed no further adjustment for alleged excess expenditure and accepted the taxpayer's third substantive ground, dismissing the expenditure disallowance. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779728