Court Upholds Rejection of Books; Assessee's Net Profit Set at 8% Due to Non-Compliance with Accounting Requirements.

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Full Text of the Document

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....Estimation of income - rejection of books of accounts - Once it has been found that the assessee has not voluntarily maintained its books of account, as required under the Act, the books of account have rightly been rejected and the net profit, which has been fixed at 8%, is quite reasonable - no substantial question of law arises....