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2019 (2) TMI 1649 - AT - Income TaxRejection of books of accounts - G.P. estimation - HELD THAT:- There is no presumption that the gross profit rate of earlier year will be the same in mathematical precision. A.O. has rejected the books of account only on the basis of surmises and conjecture. He has not found any defect in the books of accounts. He has also not rejected the explanation given by the assessee for the variation as compared to the previous year. In these circumstances de hors any cogent reason, the rejection of the books of account and estimated addition on conjecture and surmise have rightly been deleted by the ld. CIT(A). - Decided in favour of assessee.
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