https://www.taxtmi.com/caselaws?id=215289 The Tribunal allowed the Assessee's appeal, ruling that there was no valid reason for the rejection of accounts under section 145 of the Income Tax Act. Consequently, the Tribunal dismissed the Revenue's appeals regarding the application of a flat rate of net profit and the penalty under section 271(1)(c) of the Act, as these issues were interconnected with the validity of the rejected accounts. en-us Fri, 01 Jun 2012 00:00:00 +0530 Tue, 31 Jul 2012 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215289 The Tribunal allowed the Assessee's appeal, ruling that there was no valid reason for the rejection of accounts under section 145 of the Income Tax Act. Consequently, the Tribunal dismissed the Revenue's appeals regarding the application of a flat rate of net profit and the penalty under section 271(1)(c) of the Act, as these issues were interconnected with the validity of the rejected accounts. Case-Laws Income Tax Fri, 01 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215289