https://www.taxtmi.com/caselaws?id=290339 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal. It upheld the maintenance of books of account, rejecting the CIT(A)'s decision to reject them. The Tribunal emphasized that a lower gross profit, when books are proper, does not warrant an addition, especially with increased turnover. It highlighted the revenue-neutral impact of closing stock additions and cited precedent against unjustified estimations leading to additions. The decision underscored the significance of proper bookkeeping and cautioned against arbitrary estimations resulting in unwarranted additions. en-us Fri, 17 Jul 2015 00:00:00 +0530 Sun, 20 Sep 2020 16:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290339 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal. It upheld the maintenance of books of account, rejecting the CIT(A)'s decision to reject them. The Tribunal emphasized that a lower gross profit, when books are proper, does not warrant an addition, especially with increased turnover. It highlighted the revenue-neutral impact of closing stock additions and cited precedent against unjustified estimations leading to additions. The decision underscored the significance of proper bookkeeping and cautioned against arbitrary estimations resulting in unwarranted additions. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290339