2003 (5) TMI 13 - HC - Income Tax

Best judgment assessment under section 145(2) rejection of books of accounts - assessing authority has also found that the gross profit rate during the current year showing the trading result was far below the gross profit rate shown in the previous year Tribunal found that it was a case where the books of account have rightly been rejected by the Assessing Officer - instead of applying a flat gross profit rate, a lump sum addition of Rs. 2 lakhs has been sustained by taking into consideration the relevant trading result shown by the assessee - Finding reached by the Tribunal is a finding of fact on appreciation of relevant material and does not give rise to any question of law assessee s appeal dismissed

Summary

High Court Rajasthan judgment: The court found that the books of account of the assessee were rightly rejected by the Assessing Officer. The Tribunal sustained a lump sum addition of Rs. 2 lakhs based on relevant trading results shown by the assessee. The appeal was dismissed.