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2016 (7) TMI 1259 - AT - Income TaxRejection of books of accounts - disallowance of total turnover - GP determination - Held that:- Going through the relevant record and impugned orders of the authorities below. We do not agree with the arguments of the respondent as menthol is not a restricted item which can be sold to a particular buyer. It is an open commodity and we agree with the arguments of the Ld. DR of the Revenue who has stated that Assessing Officer has rightly assessed the income after discussing the comparative chart of same business and in same financial year. - Decided in favour of revenue
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