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2014 (9) TMI 1176 - AT - Income TaxRejection of books of accounts - decline of gross profit rate - sales made could not be verified and the cash sales being 72.5% of all the sales and the g.p. rate fell from 0.76% to 0.15% within one year - Held that:- As clearly emerges that the assessee was maintaining regular books of account and stock inventory. The turnover of bullion had gone up by four times. The decline of gross profit rate has been duly explained by the assessee due to the reason that there was fluctuations in the bullion prices. The books of accounts of this proprietorship concern are in order which has been properly maintained by the assessee with supporting vouchers and stock register. Thus there was no justification in rejecting the books of account of the assessee i.e. M/s. Mohan Lal Mahendra Kumar (MMJ), Jaipur. - decided against revenue
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