https://www.taxtmi.com/caselaws?id=60712 The Appellate Tribunal overturned the Income Tax Officer's addition to trading profits based on a higher gross profit rate estimation for an assessee firm. The Tribunal found the ITO's justification lacking as no specific faults in the accounts were identified and no comparable cases were presented. Similarly, the Tribunal deleted the disallowance of general expenses, ruling that it was made without sufficient justification and on an ad hoc basis. As a result, the Tribunal allowed the assessee's appeal, reversing the decisions of the lower authorities on both issues. en-us Fri, 28 Aug 1981 00:00:00 +0530 Fri, 07 Jan 2011 17:43:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60712 The Appellate Tribunal overturned the Income Tax Officer's addition to trading profits based on a higher gross profit rate estimation for an assessee firm. The Tribunal found the ITO's justification lacking as no specific faults in the accounts were identified and no comparable cases were presented. Similarly, the Tribunal deleted the disallowance of general expenses, ruling that it was made without sufficient justification and on an ad hoc basis. As a result, the Tribunal allowed the assessee's appeal, reversing the decisions of the lower authorities on both issues. Case-Laws Income Tax Fri, 28 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60712