AO cannot alter Gross Profit Rate applied by Assessee without objecting to Books of Accounts under Income Tax Act: Allahabad HC [Read Order]
The Court held that the CIT (A)'s decision upholding the assessee's books of accounts was not challenged before the Tribunal, leading to the dismissal of the Department's appeal.
In a recent case, the Allahabad High Court has held that under Income Tax Act, 1961, the Assessing Officer ( AO ) cannot change Gross Profit Rate applied by the assesee once the acceptance of books of accounts by the Commissioner of Income Tax (Appeals) [CIT(A)] has not been objected to by the Assessing Authority…
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