https://www.taxtmi.com/caselaws?id=272922 The appeal involved a challenge against the deletion of an addition in net profit and direction to accept the income declared by the assessee. The Tribunal found that the Assessing Officer was unjustified in rejecting the books of accounts and deleting the addition. It was determined that the net profit rate of 1.77% was reasonable, and the provisions of section 145(3) were not applicable. The Tribunal directed the Assessing Officer to compute business income using the 1.77% net profit rate on the disclosed turnover of the assessee. Additionally, interest income was to be separately added as income from other sources. The appeal was partly allowed, modifying the net profit rate to 1.43%. en-us Wed, 11 Apr 2012 00:00:00 +0530 Thu, 24 May 2018 18:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272922 The appeal involved a challenge against the deletion of an addition in net profit and direction to accept the income declared by the assessee. The Tribunal found that the Assessing Officer was unjustified in rejecting the books of accounts and deleting the addition. It was determined that the net profit rate of 1.77% was reasonable, and the provisions of section 145(3) were not applicable. The Tribunal directed the Assessing Officer to compute business income using the 1.77% net profit rate on the disclosed turnover of the assessee. Additionally, interest income was to be separately added as income from other sources. The appeal was partly allowed, modifying the net profit rate to 1.43%. Case-Laws Income Tax Wed, 11 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272922