https://www.taxtmi.com/caselaws?id=66179 The Tribunal ruled in favor of the assessee, upholding the validity of the firm's registration for the assessment years 1982-83 and 1983-84. The Tribunal directed the Income Tax Officer to reconsider certain aspects of the assessments for the years 1981-82 to 1983-84, emphasizing that a low gross profit rate alone is not sufficient to reject book results. The Tribunal found no justification for setting aside the assessments solely based on the low profit rate and limited the inquiry under Section 263 to the correctness of depreciation allowable. en-us Mon, 14 Apr 1986 00:00:00 +0530 Tue, 22 Feb 2011 10:11:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66179 The Tribunal ruled in favor of the assessee, upholding the validity of the firm's registration for the assessment years 1982-83 and 1983-84. The Tribunal directed the Income Tax Officer to reconsider certain aspects of the assessments for the years 1981-82 to 1983-84, emphasizing that a low gross profit rate alone is not sufficient to reject book results. The Tribunal found no justification for setting aside the assessments solely based on the low profit rate and limited the inquiry under Section 263 to the correctness of depreciation allowable. Case-Laws Income Tax Mon, 14 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66179