2011 (1) TMI 118

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..... en rejected, it was not mandatory to make any trading addition - Tribunal while upholding the order of the assessing officer that the account-books of the assessee cannot relied upon has applied the G.P. rate as was disclosed by the assessee and was accepted by the Department for the immediate preceding year as well as of the subsequent year - Tribunal held that even after rejection of the account .....

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..... he assessee-respondent is carrying on the business of publishing text-books, guess-papers and guide-books. In the relevant assessment year, the account-books of the assessee was rejected by the assessing officer by the order dated 12th August, 1991 and certain additions were made on the ground that the G.P. rate disclosed by the assessee is towards the lower side. The matter was carried in first a .....

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..... or the respondent. The Tribunal while upholding the order of the assessing officer that the account-books of the assessee cannot relied upon has applied the G.P. rate as was disclosed by the assessee and was accepted by the Department for the immediate preceding year as well as of the subsequent year. The Tribunal has held that even after rejection of the account-books, it is not open to the Rev .....

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