Assessee's appeal allowed. Rejection of books of accounts by AO ...

ITAT rules AO's rejection of books unjustified; accepts 25.38% gross profit rate as reasonable u/s 144.

January 11, 2025

Case Laws Income Tax AT

Assessee's appeal allowed. Rejection of books of accounts by AO not justified as no detailed findings given while estimating gross profit at 30%. AO adopted opening and closing balances from books. Assessee's declared gross profit rate of 25.38% reasonable and accepted by ITAT. AO cannot reject books solely on ground of non-maintenance of stock register when details available.

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Assessee's appeal allowed. Rejection of books of accounts by AO ...

ITAT rules AO's rejection of books unjustified; accepts 25.38% gross profit rate as reasonable u/s 144.

January 11, 2025

Case Laws Income Tax AT

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