https://www.taxtmi.com/caselaws?id=64178 The Tribunal partially allowed the appeal, upholding the rejection of account books under section 145(1) of the IT Act, 1961, and the consequent addition in the cloth account based on low Gross Profit (G.P.) rates. The Tribunal directed the computation of the addition using specific G.P. rates for wholesale and retail sales, emphasizing the need for accurate accounts and justifying income estimation due to identified defects and discrepancies in G.P. rates. en-us Mon, 30 Jun 1986 00:00:00 +0530 Sat, 05 Feb 2011 12:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64178 The Tribunal partially allowed the appeal, upholding the rejection of account books under section 145(1) of the IT Act, 1961, and the consequent addition in the cloth account based on low Gross Profit (G.P.) rates. The Tribunal directed the computation of the addition using specific G.P. rates for wholesale and retail sales, emphasizing the need for accurate accounts and justifying income estimation due to identified defects and discrepancies in G.P. rates. Case-Laws Income Tax Mon, 30 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64178