Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Assessee's appeal allowed. Rejection of books of accounts by AO not justified as no detailed findings given while estimating gross profit at 30%. AO adopted opening and closing balances from books. Assessee's declared gross profit rate of 25.38% reasonable and accepted by ITAT. AO cannot reject books solely on ground of non-maintenance of stock register when details available.
Assessee's appeal allowed. Rejection of books of accounts by AO not justified as no detailed findings given while estimating gross profit at 30%. AO adopted opening and closing balances from books. Assessee's declared gross profit rate of 25.38% reasonable and accepted by ITAT. AO cannot reject books solely on ground of non-maintenance of stock register when details available.
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