https://www.taxtmi.com/caselaws?id=151235 The Tribunal dismissed the assessee's appeal and partly allowed the Revenue's appeal. The addition of Rs. 63,88,777 was sustained, and the set-off of Rs. 11,91,746 was disallowed. The Tribunal upheld the application of the gross profit rate to unaccounted sales and the rejection of the books of account under section 145. The Tribunal emphasized that the entire unaccounted sales could not be treated as profit, aligning with the Gujarat High Court's decision in CIT v. President Industries. en-us Mon, 22 Mar 2010 00:00:00 +0530 Wed, 20 Sep 2023 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151235 The Tribunal dismissed the assessee's appeal and partly allowed the Revenue's appeal. The addition of Rs. 63,88,777 was sustained, and the set-off of Rs. 11,91,746 was disallowed. The Tribunal upheld the application of the gross profit rate to unaccounted sales and the rejection of the books of account under section 145. The Tribunal emphasized that the entire unaccounted sales could not be treated as profit, aligning with the Gujarat High Court's decision in CIT v. President Industries. Case-Laws Income Tax Mon, 22 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151235