2020 (2) TMI 1312

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..... d in the case of CIT vs. Anil Kumar Co. [ 2016 (3) TMI 184 - KARNATAKA HIGH COURT]. This is admitted position of fact that books are not rejected in the present case and the assessment is not completed u/s 144. The AO has simply adopted the GP and NP rate of the preceding year. Hence, we decline to interfere in the order of CIT (A). Revenue s appeal is dismissed. - I.T.A. No.1512/Bang/2017 - .....

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..... e AO as noted by him on page 3 of the assessment order that the market price of milk sold by the assessee was less in the present year as compared to the preceding year and for this reason, net profit is reduced although the total turnover has increased by 26%. He placed reliance on the Judgment of Hon ble Karnataka High Court rendered in the case of CIT vs. Anil Kumar Co., 386 ITR 702. He point .....

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