https://www.taxtmi.com/caselaws?id=419307 The Tribunal upheld the decision to delete the addition of Rs. 25,50,30,422/- to the total income of the assessee, dismissing the Revenue's appeal. It emphasized the necessity of specific defects for rejecting books of accounts under Section 145(3) and highlighted the importance of consistency in accounting methods. Legal precedents were cited to support the decision that low gross profit rates alone are insufficient grounds for rejection. The Tribunal found the AO lacked justification for rejecting the books and making the addition based solely on a decline in gross profit. en-us Mon, 28 Feb 2022 00:00:00 +0530 Tue, 08 Mar 2022 09:00:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419307 The Tribunal upheld the decision to delete the addition of Rs. 25,50,30,422/- to the total income of the assessee, dismissing the Revenue's appeal. It emphasized the necessity of specific defects for rejecting books of accounts under Section 145(3) and highlighted the importance of consistency in accounting methods. Legal precedents were cited to support the decision that low gross profit rates alone are insufficient grounds for rejection. The Tribunal found the AO lacked justification for rejecting the books and making the addition based solely on a decline in gross profit. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419307