https://www.taxtmi.com/caselaws?id=330368 The High Court overturned the Tribunal's decision to uphold the rejection of the books of accounts and the estimated addition. It found that discrepancies in the stock register and the absence of a day-to-day stock register were insufficient grounds for rejection. The Court also ruled that the penalty under Section 271(1)(c) was unjustified as it was based on estimation rather than concealment or inaccurate particulars. As a result, both Tax Appeal No.1196 of 2007 and Tax Appeal No.1782 of 2010 were allowed, overturning the Tribunal's rulings. en-us Thu, 14 Jul 2016 00:00:00 +0530 Sat, 23 Jul 2016 20:25:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330368 The High Court overturned the Tribunal's decision to uphold the rejection of the books of accounts and the estimated addition. It found that discrepancies in the stock register and the absence of a day-to-day stock register were insufficient grounds for rejection. The Court also ruled that the penalty under Section 271(1)(c) was unjustified as it was based on estimation rather than concealment or inaccurate particulars. As a result, both Tax Appeal No.1196 of 2007 and Tax Appeal No.1782 of 2010 were allowed, overturning the Tribunal's rulings. Case-Laws Income Tax Thu, 14 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330368