https://www.taxtmi.com/caselaws?id=351789 The Tribunal partly allowed the Revenue's appeal, upholding the rejection of books under section 145(3) and emphasizing the need to estimate income using a reasonable Gross Profit rate based on past years' rates that have attained finality. The Tribunal directed the Assessing Officer to compute income using the average Gross Profit rate accepted by the AO and the rate that had attained finality for previous years. The assessee's Cross Objection was dismissed, highlighting the significance of accurate estimation methods in such cases. en-us Sat, 28 Oct 2017 00:00:00 +0530 Fri, 01 Dec 2017 08:41:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351789 The Tribunal partly allowed the Revenue's appeal, upholding the rejection of books under section 145(3) and emphasizing the need to estimate income using a reasonable Gross Profit rate based on past years' rates that have attained finality. The Tribunal directed the Assessing Officer to compute income using the average Gross Profit rate accepted by the AO and the rate that had attained finality for previous years. The assessee's Cross Objection was dismissed, highlighting the significance of accurate estimation methods in such cases. Case-Laws Income Tax Sat, 28 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351789