Addition can not be made only on the basis of low GP ratio

1. ITA 4126/Del/2010 (ITAT Delhi) Sh. Prem Chand vs ITO
2. ITA 1406/2012/Del (ITAT) ITO vs Sai Internaitonal
3. 296 ITR 45 (Gau) Madnani Cosntruction Corporation
4.  38 ITR 579 S.N. Namasivyam Chhettiar
5. 26 ITR 159   Pandit Bros.
6. S. Veeriah Reddiar 38 ITR 152 Ker
7. International Forest Co. v. CIT [1975] 101 ITR 721 (J&K)                                                                                                       
8. Aluminium Industries (P.) Ltd. v. CIT [1995] 80 Taxman 184 (Gauhati)
9. CIT v. Paradise Holidays [2010] 325 ITR 13 (Delhi).                                                                               The accounts which are regularly maintained in the course of business and are duly audited, free from any qualification by the auditors, should normally be taken as correct unless there are adequate reasons to indicate that they are incorrect or unreliable. The onus is upon the Revenue to show that either the books of account maintained by the assessee were incorrect or incomplete or that the method of accounting adopted by him was such that true profits of the assessee cannot be deduced therefrom