https://www.taxtmi.com/caselaws?id=239092 The court upheld the rejection of the assessee's account books for assessment years 2008-2009 and 2007-2008 due to unexplained discrepancies. The Commissioner of Income Tax (Appeals) adjusted the estimation of extra consumption percentages based on evidence and discrepancies, setting them at 10% and 20% for different years. The determination of the profit element on extra consumption was justified at 36% and 35% for the respective years, considering the GP rates declared by the assessee. The judgments provided detailed reasoning for the decisions, ensuring a fair assessment of the issues raised. en-us Thu, 05 Sep 2013 00:00:00 +0530 Wed, 06 Nov 2013 08:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239092 The court upheld the rejection of the assessee's account books for assessment years 2008-2009 and 2007-2008 due to unexplained discrepancies. The Commissioner of Income Tax (Appeals) adjusted the estimation of extra consumption percentages based on evidence and discrepancies, setting them at 10% and 20% for different years. The determination of the profit element on extra consumption was justified at 36% and 35% for the respective years, considering the GP rates declared by the assessee. The judgments provided detailed reasoning for the decisions, ensuring a fair assessment of the issues raised. Case-Laws Income Tax Thu, 05 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239092