https://www.taxtmi.com/caselaws?id=218990 The Tribunal set aside the CIT(A)'s decision and upheld the AO's order, emphasizing the importance of maintaining quality-wise records in the diamond business. The rejection of books of accounts under Section 145(3) was deemed justified due to the substantial decrease in the Gross Profit ratio and the lack of specific defects identified by the AO. The appeals favored the Revenue, highlighting the significance of accurate record-keeping for profit determination in specialized industries like diamond trading. en-us Tue, 31 Jan 2012 00:00:00 +0530 Tue, 27 Nov 2012 21:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218990 The Tribunal set aside the CIT(A)'s decision and upheld the AO's order, emphasizing the importance of maintaining quality-wise records in the diamond business. The rejection of books of accounts under Section 145(3) was deemed justified due to the substantial decrease in the Gross Profit ratio and the lack of specific defects identified by the AO. The appeals favored the Revenue, highlighting the significance of accurate record-keeping for profit determination in specialized industries like diamond trading. Case-Laws Income Tax Tue, 31 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218990