Income-tax Officer, Ward 2(5), Rajkot. Versus Girish M. Mehta. - 2005 (2) TMI 494 - ITAT RAJKOT - Income Tax
......... s were not recorded fully. 16. In the instant case no mistake has been pointed out by the Assessing Officer either in the books of account or in the statement of purchases, sales and stock which was maintained quantitatively on day-to-day basis. The findings recorded by the CIT(A) at page Nos. 3 and 4 have not been controverted by the department by bringing any positive material on record. We are, therefore, inclined to agree with the learned AR, Mr. Rindani, that the assessee has maintained proper books of account and full details regarding the purchases, sales and stock registers were furnished to the Assessing Officer in which no defect whatsoever was pointed out, thus there was no reason before the Assessing Officer for rejecting the book results and thereby estimating the profit merely by comparing the assessee s G.P. rate. M/s. Gayatri Bullion, which was standing entirely on different footings than the assessee. 17. In the result, the appeal of the Revenue is dismissed.