https://www.taxtmi.com/caselaws?id=10768 HC held the Tribunal erred in rejecting the assessee's books and in applying the prior year gross profit rate (18.71%) for AY 1990-91 and 1991-92. Rejection of accounts under proviso to s.145 requires a finding that records are incorrect, incomplete, or the accounting method prevents deducing income; absence of item-wise stock entries alone does not justify rejection. The Tribunal's order was set aside. en-us Fri, 05 Aug 2005 00:00:00 +0530 Sat, 20 Sep 2025 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10768 HC held the Tribunal erred in rejecting the assessee's books and in applying the prior year gross profit rate (18.71%) for AY 1990-91 and 1991-92. Rejection of accounts under proviso to s.145 requires a finding that records are incorrect, incomplete, or the accounting method prevents deducing income; absence of item-wise stock entries alone does not justify rejection. The Tribunal's order was set aside. Case-Laws Income Tax Fri, 05 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10768