https://www.taxtmi.com/caselaws?id=775154 ITAT Chandigarh ruled that non-maintenance of stock register alone cannot justify rejection of books of accounts under Section 145(3) when no other defects exist. The Revenue failed to demonstrate how absence of stock register hindered determination of true profits, particularly when all purchase/sale vouchers and records were in order and assessee physically verified stock year-end. The Tribunal set aside CIT(A)'s order upholding book rejection and directed AO to determine stock value using correct valuation method after providing hearing opportunity to assessee. The case was restored to AO for limited purpose of proper stock valuation and profit determination. en-us Mon, 02 Jun 2025 00:00:00 +0530 Mon, 21 Jul 2025 08:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775154 ITAT Chandigarh ruled that non-maintenance of stock register alone cannot justify rejection of books of accounts under Section 145(3) when no other defects exist. The Revenue failed to demonstrate how absence of stock register hindered determination of true profits, particularly when all purchase/sale vouchers and records were in order and assessee physically verified stock year-end. The Tribunal set aside CIT(A)'s order upholding book rejection and directed AO to determine stock value using correct valuation method after providing hearing opportunity to assessee. The case was restored to AO for limited purpose of proper stock valuation and profit determination. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775154