The AO computed net profit at 4% of turnover made additions in income of assessee after observing huge reduction in percentage of gross profit and net profit between two consecutive years. The assessee has  provided detailed explanation behind fall in profit rate and provided quantitative details of opening stock, purchases, sales and closing stock. The  Tribunal held that  when the books of account is not rejected  the rejection of books of account and estimation of  profit is not valid .  CIT v. Maharaja Shree Umed Mills Ltd (1991 ) 192 ITR 565 ( Raj)( HC) (AY. 2018-19)