Rejection of books of account for non maintainability of stock register is valid: HC

Brief of the Case Punjab & Haryana High Court held In the case of Harish Ahuja vs. CIT that in this case AO was not in position to verify the proper Gross profit rate because the assessee has not maintained the stock register. No satisfactory explanation had been furnished by the assessee for not maintaining the stock register. Considering that assessee is trading in the items of well established companies and is a wholesaler/ C&F agent, maintainability of stock register is compulsory for the assessee and in absence of the same, rejection of books of account is valid. Facts of the Case...