https://www.taxtmi.com/caselaws?id=357744 The Tribunal directed the AO to apply a net profit rate of 2.65% based on the appellant's historical data, reducing the addition made under section 145(3) for the assessment year 2012-13. The rejection of books of account for non-maintenance of a stock register and use of self-made vouchers was upheld, emphasizing discrepancies in accounting practices. Past history was crucial in determining income computation, with the Tribunal relying on the average net profit rate of the last three years to establish a fair rate. This case underscores the significance of past performance in setting a reasonable net profit rate. en-us Wed, 28 Mar 2018 00:00:00 +0530 Thu, 29 Mar 2018 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357744 The Tribunal directed the AO to apply a net profit rate of 2.65% based on the appellant's historical data, reducing the addition made under section 145(3) for the assessment year 2012-13. The rejection of books of account for non-maintenance of a stock register and use of self-made vouchers was upheld, emphasizing discrepancies in accounting practices. Past history was crucial in determining income computation, with the Tribunal relying on the average net profit rate of the last three years to establish a fair rate. This case underscores the significance of past performance in setting a reasonable net profit rate. Case-Laws Income Tax Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357744