https://www.taxtmi.com/caselaws?id=267584 The Income-tax Appellate Tribunal reversed the first appellate authority's finding regarding the rejection of books under section 145 of the Income-tax Act, 1961. The Tribunal justified the addition of Rs. 5 lakhs due to unexplained profit rate reduction, despite properly maintained books. The court held that the AO's addition was justified, as the reduced profit rate was not adequately explained. Additionally, the interpretation of 'profit and gains' in sections 80HH and 80-I favored the Department, with both questions decided against the assessee-company. The appeal was dismissed, denying the appellant's request to appeal to the Supreme Court. en-us Tue, 24 Feb 2015 00:00:00 +0530 Mon, 09 Nov 2015 16:29:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267584 The Income-tax Appellate Tribunal reversed the first appellate authority's finding regarding the rejection of books under section 145 of the Income-tax Act, 1961. The Tribunal justified the addition of Rs. 5 lakhs due to unexplained profit rate reduction, despite properly maintained books. The court held that the AO's addition was justified, as the reduced profit rate was not adequately explained. Additionally, the interpretation of 'profit and gains' in sections 80HH and 80-I favored the Department, with both questions decided against the assessee-company. The appeal was dismissed, denying the appellant's request to appeal to the Supreme Court. Case-Laws Income Tax Tue, 24 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267584