https://www.taxtmi.com/caselaws?id=244009 The case involved discrepancies in the assessee's declared gross profit rate for the assessment year, with the Assessing Officer questioning the lack of day-to-day stock accounts and verifiability of purchases. The Commissioner of Income Tax (Appeals) accepted the assessee's explanation, but the Income Tax Appellate Tribunal rejected it, citing insufficient reasoning. The Court ruled in favor of the assessee, emphasizing the need for substantial evidence before rejecting an accounting system solely based on low gross profits. The Tribunal's decision was overturned, stressing the importance of thorough verification before dismissing the assessee's explanations. en-us Tue, 07 Jan 2014 00:00:00 +0530 Fri, 06 Jun 2014 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244009 The case involved discrepancies in the assessee's declared gross profit rate for the assessment year, with the Assessing Officer questioning the lack of day-to-day stock accounts and verifiability of purchases. The Commissioner of Income Tax (Appeals) accepted the assessee's explanation, but the Income Tax Appellate Tribunal rejected it, citing insufficient reasoning. The Court ruled in favor of the assessee, emphasizing the need for substantial evidence before rejecting an accounting system solely based on low gross profits. The Tribunal's decision was overturned, stressing the importance of thorough verification before dismissing the assessee's explanations. Case-Laws Income Tax Tue, 07 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244009