https://www.taxtmi.com/caselaws?id=117646 The court set aside the assessment order due to the unjustified rejection of book results and high net profit estimation without proper reasoning. As there were no defects in the accounts and lack of justification for rejecting the book results, the declared loss by the assessee was accepted. Consequently, both appeals were allowed based on these grounds. en-us Wed, 09 Feb 2005 00:00:00 +0530 Mon, 25 Jun 2012 15:21:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117646 The court set aside the assessment order due to the unjustified rejection of book results and high net profit estimation without proper reasoning. As there were no defects in the accounts and lack of justification for rejecting the book results, the declared loss by the assessee was accepted. Consequently, both appeals were allowed based on these grounds. Case-Laws Income Tax Wed, 09 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117646