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Rejection of books of accounts merely because of lower gross profit rate is unsustainable
Case Law Details
- Case Name
- ACIT Vs Omshree Agrotech Private Ltd (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
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ACIT Vs Omshree Agrotech Private Ltd (ITAT Pune)
ITAT Pune held that rejection of books of accounts invoking provisions of section 145(3) of the Income Tax Act simply because of lower gross profit rate in comparison to earlier years or with other assessees is not suffice and will not stand the test of rejection. Accordingly, such rejection is unsustainable
Facts- The respondent assessee is a private limited company engaged in manufacturing and trading of edible & non-edible oils etc. Whereupon a search action u/s 132 of the Act on ‘Omshree Group’ [Searched Party] was c...
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