Tag: Section 145(3)

Estimating higher gross profit rate without rejecting books of account or pointing out any defects or discrepancies in the audited books of accounts not permissible ABCAUS Case Law Citation:ABCAUS 3765 (2023) (06) ITAT In the instant case, the Revenue had challenged the order passed by the CIT(A) in …

Rejection of books of account for non inclusion of freight and cartage in the value of the closing stock had distorted the correct figure of profit. Therefore, the AO was within his right to reject the books of accounts u/s 145(3) ABCAUS Case Law Citation: ABCAUS 2547 (2018) …