https://www.taxtmi.com/caselaws?id=11079 No referable question of law arose where the Tribunal deleted additions after accepting the assessee's explanation and found no basis for rejecting the book results merely because profits were lower than in the earlier year. In the absence of a definite finding that the case fell within the first proviso to section 145(1), the Assessing Officer could not disregard the accounts, and there was no material to support an estimate of gross profit. On that record, a direction to make a reference under section 256(2) was not justified, and the petition was dismissed. en-us Mon, 16 Sep 2002 00:00:00 +0530 Thu, 30 Jul 2009 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11079 No referable question of law arose where the Tribunal deleted additions after accepting the assessee's explanation and found no basis for rejecting the book results merely because profits were lower than in the earlier year. In the absence of a definite finding that the case fell within the first proviso to section 145(1), the Assessing Officer could not disregard the accounts, and there was no material to support an estimate of gross profit. On that record, a direction to make a reference under section 256(2) was not justified, and the petition was dismissed. Case-Laws Income Tax Mon, 16 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11079