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2020 (2) TMI 1312 - AT - Income TaxAddition on account of low G. P. and N. P. - reasons for fall in GP and NP - Non rejection of books of accounts - CIT- A deleted the addition - HELD THAT:- We find that learned CIT (A) has followed the Judgment of Hon’ble Karnataka High Court rendered in the case of CIT vs. Anil Kumar & Co. [2016 (3) TMI 184 - KARNATAKA HIGH COURT]. This is admitted position of fact that books are not rejected in the present case and the assessment is not completed u/s 144. The AO has simply adopted the GP and NP rate of the preceding year. Hence, we decline to interfere in the order of CIT (A). Revenue’s appeal is dismissed.
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