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3.4 The revenue was in appeal before the Income Tax Appellate Tribunal. The Tribunal, held as under:

"9. We have heard both the parites and perused all the relevant material available on record. It is pertinent to note that as regards the Ground No.1 the assessee has established the identity, creditworthiness and genuineness of the transactions by submitting all the details such as confirmation cum contra account the name, address, PAN details, I.T.Return, balance sheet and profit and loss account, audit report, bank statement etc. From the perusal of the record it can be seen that no loans has been taken by the assessee during the year under consideration but it was the opening balance as on 01.04.2013 at Rs.1,01,11,954/- which was carried forward and thus, the genuineness of cash credits were estaboished by the assessee. The CIT(A) has given a detail finding and there is no need to interfere with the same. Ground No.1 of Revenue'a appeal is dismissed. As regards Ground No.2 the assessee has duly furnished all the details to establish the correctness of the books of accounts and also furnished ITR, Audit Report, balance sheet and Profit & Loss Account. The detail of G.P.ratio and N.P.ratio for last three years also was shown to the Assessing Officer. It is pertinent to note that the Assessing Officer while rejecting the books of accounts has not recorded any proper satisfaction / reasons and therefore, the rejection of books of accounts was not justifiable. The G.P and N.P. rate was prejudicially decrease in the present year but the turnover has increased and therefore, the same NEUTRAL CITATION C/TAXAP/295/2023 ORDER DATED: 03/10/2023 undefined was rightly accepted by the CIT(A). Hence, Ground No.2 of Revenue's appeal is dismissed."