https://www.taxtmi.com/caselaws?id=368097 The High Court dismissed the appeal, finding that the Assessing Officer's reasons for rejecting the book results were unjustified. The explanations given by the respondent-assessee on various issues were accepted by the appellate authorities. The Assessing Officer's decision to apply a 4% gross profit ratio in computing income was deemed erroneous, and the rejection of books under Section 145(3) was unfounded. The appeal was dismissed, upholding the respondent-assessee's position and criticizing the Assessing Officer's approach as contrary to legal principles. en-us Wed, 12 Sep 2018 00:00:00 +0530 Mon, 01 Oct 2018 09:14:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368097 The High Court dismissed the appeal, finding that the Assessing Officer's reasons for rejecting the book results were unjustified. The explanations given by the respondent-assessee on various issues were accepted by the appellate authorities. The Assessing Officer's decision to apply a 4% gross profit ratio in computing income was deemed erroneous, and the rejection of books under Section 145(3) was unfounded. The appeal was dismissed, upholding the respondent-assessee's position and criticizing the Assessing Officer's approach as contrary to legal principles. Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368097