Tribunal held that 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. (AY. 2012-13)
Sanjay Agarwal v. ITO (2021) 191 ITD 495 / 87 ITR 607 (Jaipur)(Trib.)
S. 145 : Method of accounting-Fall in GP-Fall in price of cardamom-Exceptional circumstances-Increase in turnover by 130 times-Rejection of books of account-Estimation of GP was deleted.