ITAT rejects 25% Addition for Unverifiable Purchases u/s 153A of Income Tax Act citing Incorrect GP Rate Estimation [Read Order]
The tribunal found that the CIT(A)'s 25% addition was based on an erroneous GP rate estimation, as established by the Rajasthan High Court and industry norms.
The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) rejected the 25% addition for unverifiable purchases under Section 153A of Income Tax Act, 1961 citing incorrect Gross Profit (GP) rate estimation. The tribunal noted that the GP rates declared by the assessee were consistent with industry standards and ordered the removal of the…
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