Title: Books of accounts wrongly rejected. ITAT accepts assessee's 25.38% gross profit rate.

The Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee, ruling that the Assessing Officer's (AO) rejection of the books of accounts was unjustified due to a lack of detailed findings when estimating a gross profit rate of 30%. The AO had relied on the opening and closing balances from the books. The ITAT accepted the assessee's declared gross profit rate of 25.38% as reasonable. The AO's rejection based solely on the non-maintenance of a stock register was deemed improper, given that detailed information was available. .....

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