AO couldn’t reject books of account merely on the grounds of decline in gross profit over past year: ITAT

INCOME TAX : Where assessee-trader explained substantial fall in GP rate due to fall in price of cardamom by almost half rate at end of year as compared to beginning of year, and there was exceptional circumstances of increase in turnover by 130 times, there would be no rational basis for estimating GP rate by Assessing Officer even though he had rejected books of account

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315728/ao-couldn’t-reject-books-of-account-merely-on-the-grounds-of-decline-in-gross-profit-over-past-year-itat.aspx