ITAT allowed the assessee's appeal, rejecting the lower...

ITAT allowed the assessee's appeal, rejecting the lower authorities' attempt to disallow books of accounts under section 145(3). The tribunal found no substantive defects in the maintained records and determined that rejection was based on mere conjecture, not concrete evidence. The decision emphasized that the assessee's books were regularly audited, with no significant discrepancies. The tribunal critically noted the revenue's failure to demonstrate improper accounting, particularly regarding the commission agent's business operations. Consequently, the tribunal deleted the estimated profit additions and upheld the assessee's original financial reporting, affirming the integrity of the submitted accounts.