https://www.taxtmi.com/caselaws?id=214868 The Tribunal allowed the appeal filed by the assessee, setting aside the rejection of books of accounts and the estimation of the GP rate. The Tribunal emphasized the practical feasibility of maintaining records and the necessity for the AO to provide valid reasons for rejecting audited books of accounts. The Tribunal found merit in the assessee's arguments regarding the difficulties in maintaining item-wise stock records in the timber trading business and acknowledged the impact of foreign exchange fluctuation on trading results. en-us Fri, 15 Jun 2012 00:00:00 +0530 Thu, 14 Apr 2016 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214868 The Tribunal allowed the appeal filed by the assessee, setting aside the rejection of books of accounts and the estimation of the GP rate. The Tribunal emphasized the practical feasibility of maintaining records and the necessity for the AO to provide valid reasons for rejecting audited books of accounts. The Tribunal found merit in the assessee's arguments regarding the difficulties in maintaining item-wise stock records in the timber trading business and acknowledged the impact of foreign exchange fluctuation on trading results. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214868