In the result appeal of the assessee is partly allowed for statistical purposes, in terms of our observations herein above
Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 270/Rpr/2016) (Assessment Year: 2008-09)
gains of business" has to be computed in accordance with the method of accounting regularly employed by the assessee. Furthermore, for rejecting the books of accounts under condition no.2, the Learned AO has to demonstrate that the accounts are not correct and complete as there exist serious defects in maintenance of accounts, irrespective of whether accounting methods or accounting standards