https://www.taxtmi.com/caselaws?id=327387 The ITAT dismissed the appellant's appeal, upholding the decision of the ld. CIT(A) to reject the books of accounts under Section 145(3) and to apply a net profit rate on freight receipts based on the specific circumstances of the current year. The ITAT emphasized the importance of maintaining proper records and providing justifiable explanations for discrepancies, rejecting the appellant's plea for applying an average net profit rate based on past history. en-us Wed, 30 Mar 2016 00:00:00 +0530 Tue, 10 May 2016 11:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327387 The ITAT dismissed the appellant's appeal, upholding the decision of the ld. CIT(A) to reject the books of accounts under Section 145(3) and to apply a net profit rate on freight receipts based on the specific circumstances of the current year. The ITAT emphasized the importance of maintaining proper records and providing justifiable explanations for discrepancies, rejecting the appellant's plea for applying an average net profit rate based on past history. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327387