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2013 (7) TMI 810 - HC - Income TaxRejection of account book - Difference in closing and opening stock - IT authorities rejected books of accounts on basis of reduced profit rate - Tribunal upheld rejection of books - Held that:- Appellant is not maintaining accounts for providing different types of raw material to the weavers of different price range - Assessee could not explain as to why the rate of purchase varied and the correlation between the consumption and production - The Income Tax Authorities have not rejected the books of accounts only on the ground of reduced profit rate - Sufficient reason other than reduced profit rate has been given - Decided against Assessee.
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