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Section 145 of the Income-tax Act, 1961 - Method of accounting - Rejection of accounts - Assessment year 2003-04 - Assessee filed instant appeal mainly on two grounds, firstly, authorities below were not justified in rejecting its books of account and, secondly, rate of profit applied by revenue authorities was excessive - Whether since assessee had only produced computerized cash book, ledger, journal and few vouchers, however, neither stock register was produced nor labour registers with proof of payments were brought on record, in such circumstances, authorities below were justified in rejecting books of account - Held, yes - Whether after rejection of books of account, it remained a matter of best assessment, which obviously required some free play between joints, and when it was considered by two appellate authorities below, it could not be said to be giving rise to any substantial question of law - Held, yes Suresh Ojha for the Appellant. ORDER 1. Heard learned counsel for the appellant at length. 2. From a proper comprehension of the entire submission made by learned counsel, what we could make out is that he wants to assail the action in rejecting the books of account, while we do not find any error on the part of the authorities below in rejecting the books of account, as it has clearly been found that the assessee has only produced computerised cash book, ledger, journal and few vouchers, and neither stock register, nor any log book/running/distance mileage account etc., has been produced. Even the labour registers with proof of payment to them have not been produced. This has been considered by the learned Commissioner also, and in para 5, it has been found that it is admitted by authorised representative of the appellant that books of account were rightly rejected under section 145(3) of the Income-tax Act. That being the position, this question need not be gone into by us, as to whether books of account were rightly rejected or not. 3. Thereafter, the only contention that survived was, about the correctness of the rate of receipt, and gross profit, assessed by the learned authorities below, and as to whether the profit rate, as applied for the…

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