Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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ITAT affirms deletion of ₹43,33,606 Addition for Non-Genuine Purchases, Citing Consistent GP Rate
Corporate ComplianceIncome Tax
The ITAT affirmed the deletion of an addition of ₹43,33,606 for non-genuine purchases, citing a consistent gross profit (GP) rate. The tribunal found that the assessee had maintained a consistent GP rate over the years, supporting the claim that the purchases were genuine. This ruling emphasizes the importance of consistency in financial records.
