https://www.taxtmi.com/caselaws?id=177840 The Tribunal dismissed the department's appeals and partially allowed the assessee's cross objections. It upheld the rejection of books of account but reduced the trading addition significantly, applying a GP rate of 3% on the declared turnover. The Tribunal sustained a smaller addition for unverifiable purchases, considering the case's history and circumstances. The decision highlighted the importance of assessing past records and current situations in estimating profits and making adjustments for unverifiable purchases. en-us Fri, 10 Jun 2011 00:00:00 +0530 Tue, 29 Mar 2016 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177840 The Tribunal dismissed the department's appeals and partially allowed the assessee's cross objections. It upheld the rejection of books of account but reduced the trading addition significantly, applying a GP rate of 3% on the declared turnover. The Tribunal sustained a smaller addition for unverifiable purchases, considering the case's history and circumstances. The decision highlighted the importance of assessing past records and current situations in estimating profits and making adjustments for unverifiable purchases. Case-Laws Income Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177840