AO Can’t Alter Gross Profit Rates When Books of Accounts Not rejected: Allahabad HC

PCIT Vs Mahabir Jute Mills Lts. (Allahabad High Court) The case of PCIT vs. Mahabir Jute Mills Ltd. before the Allahabad High Court pertains to an appeal filed under Section 260-A of the Income Tax Act, 1961. The appeal arose from an order of the Income Tax Appellate Tribunal (ITAT), Varanasi Bench, which dismissed the appeal filed by the revenue and upheld the order of the CIT (Appeals) for the assessment year 2014-15. The issues raised in the appeal revolve around the assessment made by the Assessing Officer (AO) concerning the determination of gross profit, disallowance of certain expenses ...