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ITAT adjudicated a tax dispute involving income estimation and book of accounts. The tribunal directed the Assessing Officer (AO) to accept the assessee's auditor-certified financial results, finding no substantive basis for rejecting the books of account. The tribunal emphasized that the assessee demonstrated consistent accounting methods, maintained proper documentation, and complied with commercial regulations including GST filings. The decision critically noted the AO's arbitrary approach in income estimation under section 44AD and highlighted the assessee's transparent financial management. Regarding cash deposits during demonetization, the tribunal accepted the assessee's explanation of having sufficient cash sources, dismissing revenue department's challenges and upholding the lower appellate authority's findings.
ITAT adjudicated a tax dispute involving income estimation and book of accounts. The tribunal directed the Assessing Officer (AO) to accept the assessee's auditor-certified financial results, finding no substantive basis for rejecting the books of account. The tribunal emphasized that the assessee demonstrated consistent accounting methods, maintained proper documentation, and complied with commercial regulations including GST filings. The decision critically noted the AO's arbitrary approach in income estimation under section 44AD and highlighted the assessee's transparent financial management. Regarding cash deposits during demonetization, the tribunal accepted the assessee's explanation of having sufficient cash sources, dismissing revenue department's challenges and upholding the lower appellate authority's findings.
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