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2008] 303 ITR 448 [2007] 164 TAXMAN 611 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Bajaj Steel Traders v. Income-tax Appellate Tribunal, Amritsar ADARSH KUMAR GOEL AND RAJESH BINDAL, JJ. IT APPEAL NO. 64 OF 2000 SEPTEMBER 26, 2006 Section 145 of the Income-tax Act, 1961 - Method of accounting - Rejection of accounts - Assessment year 1990-91 - Whether proviso to section 145(1) can be invoked not only where method of accounting employed by assessee is not proper but also where accounts are not correct and complete - Held, yes CASE REFERRED TO CIT v. Thakurmal Bajranglal [1988] 173 ITR 66/[1987] 35 Taxman 146 (Raj.) [Para 4]. Rakesh Garg for the Appellant. Dr. N.L. Sharda for the Respondent. JUDGMENT 1. This appeal has been preferred by the assessee against the order passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar in M.A. No. 79(ASR)/1999 in ITA No. 139 (ASR)/1992, dated 18-11-1999 for the assessment year 1990-91, proposing following substantial questions of law:- "(i )Whether in the facts and circumstances of the case, the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar was justified in assessing the additions made by the lower authorities by invoking the provisions of proviso to section 145(1) of the Income-tax Act, on the wrong assumption that the stock register was not produced by the assessee before the Assessing Officer after working out day-to-day opening and closing stocks? (ii)Whether in the facts and circumstances of the case, the learned Tribunal was right in law while rejecting the rectification application filed by the assessee under section 254(2) in the Income-tax Act vide Annexure A/6? (iii)Whether in the facts and circumstances of the case, the Income- tax Appellate Tribunal, Amritsar Bench, Amritsar was justified in invoking the provisions to section 145(1) of the Income-tax Act against the assessee for applying a gross profit rate? (iv)Whether in the facts and circumstances of the case, the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar was justified in relying upon the points against the assessee, which was decided by the Commissioner of Income-tax (Appeals) in favour of the assessee and against…

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