https://www.taxtmi.com/caselaws?id=120363 The Tribunal upheld the CIT(A) order reducing the GP addition by Rs. 3,52,727 out of a total of Rs. 5,52,727. The Tribunal emphasized that a decrease in GP alone is not grounds for rejecting the books of account. They noted that the Act does not require daily stock registers for each variety and found no justification for rejecting the book results as the Assessing Officer failed to prove any inaccuracies or deficiencies in the accounts. As a result, the appeal by the revenue was dismissed. en-us Mon, 07 Feb 2005 00:00:00 +0530 Tue, 26 Jul 2016 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120363 The Tribunal upheld the CIT(A) order reducing the GP addition by Rs. 3,52,727 out of a total of Rs. 5,52,727. The Tribunal emphasized that a decrease in GP alone is not grounds for rejecting the books of account. They noted that the Act does not require daily stock registers for each variety and found no justification for rejecting the book results as the Assessing Officer failed to prove any inaccuracies or deficiencies in the accounts. As a result, the appeal by the revenue was dismissed. Case-Laws Income Tax Mon, 07 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120363