https://www.taxtmi.com/caselaws?id=57082 The Tribunal held that the Assessing Officer (AO) was justified in invoking the proviso to Section 145(1) of the Income Tax Act due to the assessee's low yield in the manufacturing process. The Tribunal emphasized that the AO has the power to reject books of accounts if found unreliable or incomplete. Regarding the reasonableness of yield percentage in cotton processing, the Tribunal proposed using the benchmark set by the Cotton Corporation of India as the basis for assessment. The AO should accept the yield percentage matching or exceeding this benchmark, with the assessee required to provide explanations for any deviations. en-us Mon, 28 Jun 1999 00:00:00 +0530 Wed, 08 Dec 2010 13:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57082 The Tribunal held that the Assessing Officer (AO) was justified in invoking the proviso to Section 145(1) of the Income Tax Act due to the assessee's low yield in the manufacturing process. The Tribunal emphasized that the AO has the power to reject books of accounts if found unreliable or incomplete. Regarding the reasonableness of yield percentage in cotton processing, the Tribunal proposed using the benchmark set by the Cotton Corporation of India as the basis for assessment. The AO should accept the yield percentage matching or exceeding this benchmark, with the assessee required to provide explanations for any deviations. Case-Laws Income Tax Mon, 28 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57082