https://www.taxtmi.com/caselaws?id=353656 The ITAT upheld the rejection of books of accounts under Sec.145(3) due to discrepancies in stock details and unverified sales. However, it ruled in favor of the appellant regarding the trading addition of Rs. 341,396, deleting the increase in GP rate from 7.24% to 8%. The ITAT reduced the disallowance of expenses from Rs. 50,000 to Rs. 25,000, considering the nature of the business. The ITAT dismissed certain grounds not pressed during the hearing and addressed issues related to show cause notices and interest charges, ensuring a fair and just decision based on the presented facts. en-us Mon, 01 Jan 2018 00:00:00 +0530 Mon, 08 Jan 2018 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353656 The ITAT upheld the rejection of books of accounts under Sec.145(3) due to discrepancies in stock details and unverified sales. However, it ruled in favor of the appellant regarding the trading addition of Rs. 341,396, deleting the increase in GP rate from 7.24% to 8%. The ITAT reduced the disallowance of expenses from Rs. 50,000 to Rs. 25,000, considering the nature of the business. The ITAT dismissed certain grounds not pressed during the hearing and addressed issues related to show cause notices and interest charges, ensuring a fair and just decision based on the presented facts. Case-Laws Income Tax Mon, 01 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353656