https://www.taxtmi.com/caselaws?id=10227 The court upheld the rejection of the books of account for the assessment year 1996-97 due to deficiencies in record-keeping and supported the application of a 25% gross profit rate based on past trends. The decision emphasized the necessity for estimation in cases where verifiability is lacking, citing legal precedent. The court affirmed the Tribunal's findings as factual and dismissed the appeal, highlighting the limited scope for legal intervention in income determination matters under the Income-tax Act, 1961. en-us Thu, 05 Aug 2004 00:00:00 +0530 Sat, 11 Jul 2009 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10227 The court upheld the rejection of the books of account for the assessment year 1996-97 due to deficiencies in record-keeping and supported the application of a 25% gross profit rate based on past trends. The decision emphasized the necessity for estimation in cases where verifiability is lacking, citing legal precedent. The court affirmed the Tribunal's findings as factual and dismissed the appeal, highlighting the limited scope for legal intervention in income determination matters under the Income-tax Act, 1961. Case-Laws Income Tax Thu, 05 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10227