https://www.taxtmi.com/caselaws?id=247594 The High Court dismissed the Income Tax Department's appeal against the ITAT order for AY 2005-2006. The Court upheld the ITAT's decision to accept the assessee's books of account and gross profit, emphasizing that rejection based solely on consolidated cash memos was unjustified. It highlighted the importance of verifiability and legal precedents, stating that failure to issue separate cash memos for each sale does not warrant rejection if books are otherwise verifiable. The Court found no substantial question of law and affirmed the Tribunal's decision. en-us Thu, 08 May 2014 00:00:00 +0530 Fri, 20 Feb 2015 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247594 The High Court dismissed the Income Tax Department's appeal against the ITAT order for AY 2005-2006. The Court upheld the ITAT's decision to accept the assessee's books of account and gross profit, emphasizing that rejection based solely on consolidated cash memos was unjustified. It highlighted the importance of verifiability and legal precedents, stating that failure to issue separate cash memos for each sale does not warrant rejection if books are otherwise verifiable. The Court found no substantial question of law and affirmed the Tribunal's decision. Case-Laws Income Tax Thu, 08 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247594