https://www.taxtmi.com/highlights?id=61344 Rejection of books of accounts - valuation of the closing stock - gross profit margin - Assessment was complete u/s 143(3) - After that, during survey u/s 133A, assessee could not produce stock register - with the assessment having been completed under Section 143 (3) of the IT Act, and after the Assessee had produced its books of account, the question of invoking Section 145 of the IT Act did not arise - ITAT committed a serious error. It proceeded on that basis to re-work the gross profit margin. - HC en-us Sat, 08 Jan 2022 14:43:24 +0530 Sat, 08 Jan 2022 14:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61344 Rejection of books of accounts - valuation of the closing stock - gross profit margin - Assessment was complete u/s 143(3) - After that, during survey u/s 133A, assessee could not produce stock register - with the assessment having been completed under Section 143 (3) of the IT Act, and after the Assessee had produced its books of account, the question of invoking Section 145 of the IT Act did not arise - ITAT committed a serious error. It proceeded on that basis to re-work the gross profit margin. - HC Highlights Income Tax Sat, 08 Jan 2022 14:43:24 +0530 https://www.taxtmi.com/highlights?id=61344