https://www.taxtmi.com/caselaws?id=179976 The Tribunal held that the rejection of books of accounts by the Assessing Officer under section 145 of the Income Tax Act for the assessment years 1988-89 and 1989-90 was unjustified. The Tribunal found no errors in the accounting and accepted the results presented in the books of accounts. The AO's basis for rejection, lower net profit rates, was deemed insufficient without establishing defects or reasons for correct profit deduction. Consequently, the Tribunal upheld the assessee's results, emphasizing that lower profit rates alone do not warrant rejection under section 145. en-us Wed, 19 Sep 2007 00:00:00 +0530 Tue, 13 Feb 2018 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179976 The Tribunal held that the rejection of books of accounts by the Assessing Officer under section 145 of the Income Tax Act for the assessment years 1988-89 and 1989-90 was unjustified. The Tribunal found no errors in the accounting and accepted the results presented in the books of accounts. The AO's basis for rejection, lower net profit rates, was deemed insufficient without establishing defects or reasons for correct profit deduction. Consequently, the Tribunal upheld the assessee's results, emphasizing that lower profit rates alone do not warrant rejection under section 145. Case-Laws Income Tax Wed, 19 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179976