THE ASSTT. COMMR. INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT vs. M/S KRISHNA DEVELOPERS,, RAJKOT-GUJARAT
In the result, the appeal filed by the Revenue is dismissed, and the ground raised by the assessee in the CO is allowed
ITA 620/RJT/2014[2011-12]Status: DisposedITAT Rajkot27 May 2019AY 2011-12
Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No.620/Rjt/2014 With C.O.No.4/Rjt/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 A.C.I.T., M/S.Krishna Developers, Circle-1, Business Centre, Vs. Junagadh. 1St Floor, Bus Station Road, Lal Bahadur Society, Junagadh.
For Appellant: Shri Mehul Ranpura, A.R
Section 145(3)
391
2.02
5.00
Average
1.67
7.4
However, the net profit ratio cannot be a factor to reject the books of accounts. As such, the books of accounts of the assessee can be rejected by the AO under two circumstances only. Firstly, if the AO is not satisfied with the correctness or the completeness of the books of accounts and where