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2011 (2) TMI 11 - HC - Income TaxRejection of book of account - tribunal while decided in favor of assessee on the grounds that: No doubt, day to day stock register is an important record, which was not maintained. However, the books of accounts could not be rejected merely because of its absence, moreso when there was no adverse comments whatsoever about the posting of entries and maintenance of accounts. - The AO was wrongly swayed by the facts that the books of accounts were not shown at the time of survey when a specific explanation was given that they were kept with Chartered Accountant for some accounting verifications - during the survey, the actual stock of the assessee had been physically verified and valued by the Department resulting G.P. rate @ 19.59%. The reason for less GP rate in post survey period, i.e., 22.01.1999 to 31.03.1999 was because of the fact that in this period huge discounts were offered by the assessee on the merchandise. These are the findings of fact arrived at by the Tribunal on the analysis of evidence produced. No question of law arises, this appeal is accordingly dismissed.
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