https://www.taxtmi.com/caselaws?id=250770 The Tribunal upheld the rejection of the books of accounts under Section 145(3) due to unverified purchases and discrepancies in supplier details. However, it set aside the issue of adopting the gross profit rate to the AO for fresh adjudication, instructing the AO to compare the assessee's gross profit rate with that of other wholesalers, not retailers, and to consider results from other relevant years. Both the appeals by the assessee and the revenue were allowed for statistical purposes. en-us Tue, 19 Aug 2014 00:00:00 +0530 Mon, 25 Aug 2014 08:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250770 The Tribunal upheld the rejection of the books of accounts under Section 145(3) due to unverified purchases and discrepancies in supplier details. However, it set aside the issue of adopting the gross profit rate to the AO for fresh adjudication, instructing the AO to compare the assessee's gross profit rate with that of other wholesalers, not retailers, and to consider results from other relevant years. Both the appeals by the assessee and the revenue were allowed for statistical purposes. Case-Laws Income Tax Tue, 19 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250770