https://www.taxtmi.com/caselaws?id=290394 The ITAT allowed the assessee's appeal, finding the rejection of the books of account justified due to noted defects. It upheld an 8% net profit rate of gross receipts, subject to depreciation and interest deductions, as reasonable and supported by past judicial decisions. No further trading addition was warranted since the net profit rate after deductions was 8.09%. The order was pronounced in open court on 24/01/2018. en-us Wed, 24 Jan 2018 00:00:00 +0530 Thu, 14 Nov 2024 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290394 The ITAT allowed the assessee's appeal, finding the rejection of the books of account justified due to noted defects. It upheld an 8% net profit rate of gross receipts, subject to depreciation and interest deductions, as reasonable and supported by past judicial decisions. No further trading addition was warranted since the net profit rate after deductions was 8.09%. The order was pronounced in open court on 24/01/2018. Case-Laws Income Tax Wed, 24 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290394