Dismissing the appeal of the revenue , the Court held that , Rejection of accounts was held to be not justified on the basis that the goods are sold at the price lower than the market price or purchase price – Law cannot oblige or compel a trader to make or maximise its profits . Relied CIT v. A.Raman & Co ( 1968) 67 ITR 11 (SC) S.A .Builders Ltd v .CIT ( 2006) 288 ITR 1 ( SC) . ( ITA No. 813 of 2015 dt. 20-02-2018) ( AY. 2005 -06)
PCIT v. Yes Power and Infrastructure Pvt Ltd (Bom) (HC) ( 2018) BCAJ -May. 63
S. 145 : Method of accounting -Rejection of accounts was held to be not justified on the basis that the goods are sold at the price lower than the market price or purchase price – Law cannot oblige or compel a trader to make or maximise its profits [ S.145(3)]