https://www.taxtmi.com/caselaws?id=335968 The Tribunal upheld the rejection of the assessee's books of account under section 145(3) of the I.T. Act. It directed the application of a net profit rate of 9.75% with depreciation and interest included. The treatment of interest on FDR & NSC was remanded to the AO for verification. The disallowance of sales and administrative expenses was reduced to 10%. The trading addition in the petrol pump account was deleted. The addition u/s 69B was reinstated based on the Valuation Officer's report. The addition of unexplained cash deposits was modified for verification in the relevant assessment year. The treatment of sales tax refund was remanded for reconsideration by the AO. en-us Wed, 30 Nov 2016 00:00:00 +0530 Tue, 13 Dec 2016 12:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335968 The Tribunal upheld the rejection of the assessee's books of account under section 145(3) of the I.T. Act. It directed the application of a net profit rate of 9.75% with depreciation and interest included. The treatment of interest on FDR & NSC was remanded to the AO for verification. The disallowance of sales and administrative expenses was reduced to 10%. The trading addition in the petrol pump account was deleted. The addition u/s 69B was reinstated based on the Valuation Officer's report. The addition of unexplained cash deposits was modified for verification in the relevant assessment year. The treatment of sales tax refund was remanded for reconsideration by the AO. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335968