https://www.taxtmi.com/caselaws?id=459999 The Tribunal allowed the assessee's appeal, concluding that the Assessing Officer was not justified in disallowing Rs. 57,73,496/- for unregistered dealer purchases without rejecting the books of accounts. The court emphasized that without identifying specific defects or discrepancies in the accounts, estimating the net profit rate was unwarranted. The Tribunal reinforced the principle that income additions based on estimation require the rejection of the books of accounts, aligning with precedents from various High Courts. Consequently, the addition made by the Assessing Officer was directed to be deleted. en-us Fri, 26 Jul 2019 00:00:00 +0530 Tue, 07 Jan 2025 19:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459999 The Tribunal allowed the assessee's appeal, concluding that the Assessing Officer was not justified in disallowing Rs. 57,73,496/- for unregistered dealer purchases without rejecting the books of accounts. The court emphasized that without identifying specific defects or discrepancies in the accounts, estimating the net profit rate was unwarranted. The Tribunal reinforced the principle that income additions based on estimation require the rejection of the books of accounts, aligning with precedents from various High Courts. Consequently, the addition made by the Assessing Officer was directed to be deleted. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459999