https://www.taxtmi.com/caselaws?id=190072 The tribunal allowed Revenue's appeal against CIT(A)'s order for the assessment year 2004-2005. It upheld the rejection of the books of account due to lack of proper verification, emphasizing the significance of accurate closing stock figures for income determination. The tribunal found the CIT(A)'s decision unsustainable, considering abnormal business conditions, and reinstated the Assessing Officer's order, including the net profit rate of 2.5% for income estimation. The appeal was allowed, and the original order was restored in favor of the Revenue. en-us Tue, 16 Dec 2014 00:00:00 +0530 Fri, 03 Feb 2017 08:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190072 The tribunal allowed Revenue's appeal against CIT(A)'s order for the assessment year 2004-2005. It upheld the rejection of the books of account due to lack of proper verification, emphasizing the significance of accurate closing stock figures for income determination. The tribunal found the CIT(A)'s decision unsustainable, considering abnormal business conditions, and reinstated the Assessing Officer's order, including the net profit rate of 2.5% for income estimation. The appeal was allowed, and the original order was restored in favor of the Revenue. Case-Laws Income Tax Tue, 16 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190072