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TMI Blog2013 (2) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, the question of invoking the provision of Section 145(3) does not arise. And if the books of accounts cannot be rejected, there is no question of not accepting the loss declared by the assessee. In a business, sometimes the business runs in profit and sometimes runs in loss. Merely because in a particular year, the loss was higher, that would not empower AO to reject the books of accounts, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eting the disallowance of loss of Rs. 71,57,834/- without appreciating the material and evidence brought on record by the A.O.? (2) Whether on the facts and circumstances of the case, the Tribunal is justified in law in coming to the conclusion that the A.O. while invoking the provisions of Section 145(3) of the Act has not pointed out any specific mistake in the books of account and in applying ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax (Appeals) has held that the Assessing Officer has not pointed out any defect in the maintenance of the books of accounts and therefore, the question of it's rejection u/s 145(3) of the Act does not arise. The loss of Rs. 1,11,17,730/- is therefore liable to be accepted. The Revenue feeling aggrieved preferred an appeal before the Tribunal. The Tribunal vide the impugned order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts cannot be rejected, there is no question of not accepting the loss declared by the assessee. In a business, sometimes the business runs in profit and sometimes runs in loss. Merely because in a particular year, the loss was higher, that would not empower the Assessing Officer to reject the books of accounts, unless some specific defect is pointed out in it's maintenance. In our considere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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