https://www.taxtmi.com/caselaws?id=778123 ITAT Ahmedabad allowed the assessee's appeal, holding the AO's rejection of books and imposition of a 3% GP rate unjustified where no specific defects in accounts, stock valuation, or accounting method were found. The tribunal relied on the jurisdictional HC precedent that a mere fall in gross profit ratio does not permit rejection of audited books or enhancement of GP without pointed defects. The assessee's audited accounts and furnished quantitative stock/trading details were not disproved, so invocation of section 145(3) was not sustained. en-us Thu, 04 Sep 2025 00:00:00 +0530 Thu, 11 Sep 2025 08:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778123 ITAT Ahmedabad allowed the assessee's appeal, holding the AO's rejection of books and imposition of a 3% GP rate unjustified where no specific defects in accounts, stock valuation, or accounting method were found. The tribunal relied on the jurisdictional HC precedent that a mere fall in gross profit ratio does not permit rejection of audited books or enhancement of GP without pointed defects. The assessee's audited accounts and furnished quantitative stock/trading details were not disproved, so invocation of section 145(3) was not sustained. Case-Laws Income Tax Thu, 04 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778123