https://www.taxtmi.com/caselaws?id=334779 The court upheld the rejection of books of account under section 145(3) of the Income-tax Act, 1961, due to discrepancies leading to an estimated turnover and trading addition. The addition of Rs. 1,20,00,000 without basis of computation was deemed permissible, as the Tribunal's application of a 1% net profit rate was found reasonable. The court ruled against the assessee, dismissing the appeals based on factual findings supported by evidence, with no substantial question of law arising from the Tribunal's orders. en-us Fri, 29 Jul 2016 00:00:00 +0530 Mon, 21 Nov 2016 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334779 The court upheld the rejection of books of account under section 145(3) of the Income-tax Act, 1961, due to discrepancies leading to an estimated turnover and trading addition. The addition of Rs. 1,20,00,000 without basis of computation was deemed permissible, as the Tribunal's application of a 1% net profit rate was found reasonable. The court ruled against the assessee, dismissing the appeals based on factual findings supported by evidence, with no substantial question of law arising from the Tribunal's orders. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334779