https://www.taxtmi.com/caselaws?id=313096 Incomplete books of account justified invocation of section 145(2) of the Income-tax Act, 1961, because the records remained unfinished until the date of search. The estimate of gross profit had to be made on the basis of the available material and surrounding facts, and the 1.5 per cent rate adopted by the Assessing Officer was found excessive in light of the immediately preceding years' declared rates of about 0.78 per cent and 0.9 per cent. The addition was therefore recomputed by applying a 0.9 per cent gross profit rate on total sales, and the Tribunal's view was upheld. en-us Wed, 08 May 2002 00:00:00 +0530 Sat, 23 Mar 2024 12:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313096 Incomplete books of account justified invocation of section 145(2) of the Income-tax Act, 1961, because the records remained unfinished until the date of search. The estimate of gross profit had to be made on the basis of the available material and surrounding facts, and the 1.5 per cent rate adopted by the Assessing Officer was found excessive in light of the immediately preceding years' declared rates of about 0.78 per cent and 0.9 per cent. The addition was therefore recomputed by applying a 0.9 per cent gross profit rate on total sales, and the Tribunal's view was upheld. Case-Laws Income Tax Wed, 08 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313096