https://www.taxtmi.com/caselaws?id=753113 ITAT Delhi upheld rejection of books of account under Section 145(3) and confirmed addition of Rs. 1,08,51,505 for differential gross profit. The assessee surrendered excess stock of Rs. 1,75,98,542 during survey, which was treated as unexplained investment under Section 69, not business income. The tribunal found the assessee's claim of reduced margins due to competition unsupported by evidence. AO correctly applied previous year's gross profit rate of 8.53% after discovering varying profit margins and deficiencies in accounting records. en-us Tue, 14 May 2024 00:00:00 +0530 Sat, 25 May 2024 08:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753113 ITAT Delhi upheld rejection of books of account under Section 145(3) and confirmed addition of Rs. 1,08,51,505 for differential gross profit. The assessee surrendered excess stock of Rs. 1,75,98,542 during survey, which was treated as unexplained investment under Section 69, not business income. The tribunal found the assessee's claim of reduced margins due to competition unsupported by evidence. AO correctly applied previous year's gross profit rate of 8.53% after discovering varying profit margins and deficiencies in accounting records. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753113