https://www.taxtmi.com/caselaws?id=423239 The department's appeal was dismissed as the rejection of books of accounts and estimation of net profit rate at 10% for the assessment year 2014-15 were found unjustified. The Court emphasized that each year's assessment must be based on specific facts and circumstances, and rejection of books for previous years does not automatically warrant rejection for subsequent years without identifying specific defects. The Tribunal upheld this decision, noting the absence of irregularities and that the declared net profit rate was reasonable compared to industry standards. en-us Tue, 31 May 2022 00:00:00 +0530 Thu, 02 Jun 2022 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423239 The department's appeal was dismissed as the rejection of books of accounts and estimation of net profit rate at 10% for the assessment year 2014-15 were found unjustified. The Court emphasized that each year's assessment must be based on specific facts and circumstances, and rejection of books for previous years does not automatically warrant rejection for subsequent years without identifying specific defects. The Tribunal upheld this decision, noting the absence of irregularities and that the declared net profit rate was reasonable compared to industry standards. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423239