https://www.taxtmi.com/caselaws?id=799279 Rejection of books of account requires a reasonable basis grounded in identified material defects or discrepancies. Where ledger accounts, invoices, cash-book summaries, stock statements, TCS details, excise-duty challans, audited accounts and creditor details disclose no specific mismatch, purchases of controlled and excisable liquor are supported. An estimated gross-profit rate without reference to past results or comparable liquor businesses is unsustainable. Rejection of the accounts and the turnover-based gross-profit addition were therefore not sustained, and deletion of the addition was upheld in favour of the assessee. en-us Mon, 29 Jun 2026 00:00:00 +0530 Sat, 19 Sep 2026 08:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799279 Rejection of books of account requires a reasonable basis grounded in identified material defects or discrepancies. Where ledger accounts, invoices, cash-book summaries, stock statements, TCS details, excise-duty challans, audited accounts and creditor details disclose no specific mismatch, purchases of controlled and excisable liquor are supported. An estimated gross-profit rate without reference to past results or comparable liquor businesses is unsustainable. Rejection of the accounts and the turnover-based gross-profit addition were therefore not sustained, and deletion of the addition was upheld in favour of the assessee. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799279