https://www.taxtmi.com/caselaws?id=383060 The High Court affirmed the Tribunal's decision to reject the books of account under Section 145(3) of the Income Tax Act due to unverifiable expenses and incomplete records. The Court upheld the increase in Gross Profit rate to 23.01% and the addition of trading profits to the assessee's income. The rejection of books and profit rate adjustment were deemed justified based on factual findings and the assessee's failure to provide necessary evidence. The appeal was dismissed with costs in favor of the revenue. en-us Fri, 12 Jul 2019 00:00:00 +0530 Fri, 01 Nov 2019 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383060 The High Court affirmed the Tribunal's decision to reject the books of account under Section 145(3) of the Income Tax Act due to unverifiable expenses and incomplete records. The Court upheld the increase in Gross Profit rate to 23.01% and the addition of trading profits to the assessee's income. The rejection of books and profit rate adjustment were deemed justified based on factual findings and the assessee's failure to provide necessary evidence. The appeal was dismissed with costs in favor of the revenue. Case-Laws Income Tax Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383060