ITAT upholds deletion of additions which was made for Fall in GP Ratio

DCIT Vs Kortek Electronics (India) Ltd. (ITAT Delhi) ITAT Delhi Rules in Favor of Kortek Electronics (India) Ltd., Deletes Additions for GP Ratio Fall The Income Tax Appellate Tribunal (ITAT) Delhi recently delivered a verdict in the case of DCIT Vs Kortek Electronics (India) Ltd. for the assessment year 2010-11. The ITAT’s decision pertained to the addition of income and the disallowance of expenses. Background: Kortek Electronics (India) Ltd. is involved in the business of manufacturing electronics goods, components, and Set-Top Boxes. In the assessment year 2010-11, the company filed ...