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of <h1>Appeal Dismissed: Tribunal Upholds Rejection of Books of Account</h1> The appeal under section 260A of the IT Act, 1961 was dismissed by the Tribunal. The rejection of books of account, estimation of sales and GP rate, ... - Issues involved: Appeal u/s 260A of the IT Act, 1961 against rejection of books of account, estimation of sales and GP rate, surrender during survey proceedings, correctness and completeness of books of account.Judgment Summary:1. Rejection of Books of Account:The assessee surrendered income during a survey under s. 133A of the Act. The AO made a best judgment assessment, rejecting the explanation that books of account were regularly maintained. The CIT(A) upheld the plea regarding excess stock, but the Tribunal agreed with the AO's rejection of books of account and applied a GP rate of 32%. The Tribunal found that the books did not reflect true income, and the estimate of sales based on best judgment was upheld.2. Estimation of Sales and GP Rate:The Tribunal estimated the sales of the appellant company at a certain amount, differing from the declared sales, without providing reasons. The GP rate was also adjusted. The Tribunal's decision was based on the view that the books of account did not accurately represent the income, and the AO had valid reasons for rejecting the accounts.3. Surrender During Survey Proceedings:The surrender of income during the survey proceedings led to the rejection of books of account by the AO. The Tribunal upheld this decision, emphasizing that the books did not reflect the true income of the assessee.4. Correctness and Completeness of Books of Account:The Tribunal found that the books of account were not properly maintained, and the AO's estimate was considered valid. The Tribunal did not find any error in rejecting the books of account and making a best judgment assessment.5. Conclusion:The Tribunal's decision was upheld, stating that no substantial question of law arose. The appeal was dismissed, affirming the rejection of books of account and the estimation of sales and GP rate based on best judgment.
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