Assessee partnership firm, engaged in business of purchase and processing of raw cotton, trading of cotton bales and seeds, filed its return claiming NIL profit. The assessee was asked to furnish details of purchase and sale registers along with copy of invoices, unit wise yield of production and details of closing stock along with method of valuation, however the assessee failed to submit these details. The  Assessing Officer rejected books of account of assessee and estimated net profit at 1.5 per cent, which is affirmed by the CIT(A).  On appeal the Tribunal held that  since assessee did not file supporting corroborative materials along with books of account so as to justify that profit declared in his return was correct within provisions of law, Assessing Officer was justified in rejecting books of account. The Tribunal also held that  while estimating net profit on scientific basis, Assessing Officer should allow deduction on amount of depreciation, partners remuneration and interest paid by assessee to partners on their capital. (AY..2013 14, 2014-15 )