TMI Blog2003 (7) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... ched and audited and the stock is maintained? (ii) Whether Tribunal was justified in upholding the order of the assessing authority rejecting the accounts of the appellant when the account books of the appellant maintained in the same style and fashion for preceding and succeeding assessment years have been accepted?" - We are also of the view that the book results were rightly rejected by the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as justified in upholding the order of the assessing authority rejecting the accounts of the appellant under section 145(3) of the Act of 1961 when the account books of the appellant maintained in the same style and fashion for preceding and succeeding assessment years have been accepted?" For the relevant assessment year 1990-91, the assessee filed the return disclosing income of Rs. 4,10,160. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 per cent, as against 2.27 per cent., on the total turnover of Rs. 2,07,76,233. That has been confirmed by the Commissioner of Income-tax (Appeals) as well as by the Tribunal. Learned counsel for the petitioner Mr. Singhvi, submits that when there is no defect pointed out in the purchase and sale, the provisions of subsection (2) of section 145 of the Income-tax Act have no application. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ults are rejected there should be best judgment assessment whereby a reasonable income should be taxed. No basis has been shown why the sales are estimated as Rs. 3,37,00,000 as against Rs. 2,07,76,233. Considering the submission and in the interest of justice, we uphold the view taken by the Tribunal so far as the rejection of the books of account is concerned, the provisions of sub-section (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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