2003 (7) TMI 7

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....llowing questions: "(i) Whether the non-maintenance of brandwise record of sales of deshi ghee can be a ground for rejection of accounts under section 145(3) particularly when the purchase and sales are duly vouched and audited and the stock is maintained? (ii) Whether, on the facts and circumstances of the case, the Tribunal was justified in upholding the order of the assessing authority reject....

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.... detail by the Assessing Officer and finally, the Assessing Officer was of the view that book results shown in the books, cannot be accepted and were accordingly rejected in view of the provisions of sub-section (2) of section 145 of the Income-tax Act and the sale was estimated at Rs. 3,37,00,000 by applying a gross profit of 2 per cent, as against 2.27 per cent., on the total turnover of Rs. 2,0....

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....accounting, the book results can be rejected. After considering the rival submissions of learned counsel for the parties, we see no reason to interfere with the order of the Tribunal. We are also of the view that the book results were rightly rejected by the Assessing Officer. But we are also of the view that when book results are rejected there should be best judgment assessment whereby a reason....