Dismissing the appeal of the Revenue the Court held that all the records, i.e., books of account, sales and purchase vouchers had been fully produced by the assessee. In the subsequent assessment years, the Assessing Officer had passed the order under section 143(3) of the Act in respect of the same business activities of the assessee, which gave rise to net profit of 2.53 per cent. and 2.99 per cent. Order of Tribunal is affirmed. (AY. 2009-10)
PCIT v. Smart Value Products and Services Ltd. (2022) 448 ITR 145 (HP)(HC)
S. 145 : Method of accounting-Rejection of accounts-Estimate should be fair-Local knowledge and circumstances of assessee should be taken into consideration-Order of Tribunal affirmed. [S. 145(3), 260A]