https://www.taxtmi.com/caselaws?id=471501 Books of account and quantitative stock records maintained regularly and audited should not be rejected merely by applying gross-profit rates or reasoning from earlier search-related years. Rejection and estimated trading-profit additions require specific defects or adverse evidence relating to the relevant assessment year; each year must be independently examined. Where no current-year deficiencies are identified, book results for gold and silver bullion sales should be accepted and estimated gross-profit additions deleted. Delay in filing an appeal may be condoned where the explanation, supported by affidavits, is accepted as sufficient and no defect is shown in the exercise of appellate discretion. en-us Mon, 06 Nov 2023 00:00:00 +0530 Mon, 07 Sep 2026 17:12:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471501 Books of account and quantitative stock records maintained regularly and audited should not be rejected merely by applying gross-profit rates or reasoning from earlier search-related years. Rejection and estimated trading-profit additions require specific defects or adverse evidence relating to the relevant assessment year; each year must be independently examined. Where no current-year deficiencies are identified, book results for gold and silver bullion sales should be accepted and estimated gross-profit additions deleted. Delay in filing an appeal may be condoned where the explanation, supported by affidavits, is accepted as sufficient and no defect is shown in the exercise of appellate discretion. Case-Laws Income Tax Mon, 06 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471501