Assessing Officer's Profit Addition Rejected; No Specific Discrepancies Found in Audited Accounts Justifying Profit Decline.

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....Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years - The AO’s rejection of books of accounts was unfounded, lacking specific discrepancies. - The assessee justified the net profit decline with audited accounts showing increased financial costs and foreign exchange losses. - AT....