https://www.taxtmi.com/caselaws?id=459962 The HC ruled in favor of the assessee, overturning the Tribunal's decision. It held that the Tribunal was unjustified in reversing the CIT(A)'s findings, as the books of accounts were not formally rejected under Section 145 of the Income Tax Act. Consequently, the book results could not be substituted, nor could additions be made for alleged excess drayage in the manufacturing process. The Court emphasized the necessity of rejecting books before making such adjustments, thereby allowing the appeal and siding with the assessee against the department's position. en-us Tue, 21 Mar 2017 00:00:00 +0530 Mon, 06 Jan 2025 19:01:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459962 The HC ruled in favor of the assessee, overturning the Tribunal's decision. It held that the Tribunal was unjustified in reversing the CIT(A)'s findings, as the books of accounts were not formally rejected under Section 145 of the Income Tax Act. Consequently, the book results could not be substituted, nor could additions be made for alleged excess drayage in the manufacturing process. The Court emphasized the necessity of rejecting books before making such adjustments, thereby allowing the appeal and siding with the assessee against the department's position. Case-Laws Income Tax Tue, 21 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459962