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2017 (12) TMI 364 - HC - Income TaxRejection of books of accounts - N.P. determination - Held that:- NP rate is to be taken average of last five years which will come to 4.066, therefore, in our considered opinion 5% which is assessed by the tribunal is just and proper, therefore, first issue is answered in favour of the assessee. Addition of interest income and other income - Held that:- Taking into consideration, the interest amount paid on the loan which was taken and interest which is on unpaid amount and other income, in view of assessment on net profit that amount cannot be added separately to the income. Second issue is also answered in favour of the assessee.
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