https://www.taxtmi.com/caselaws?id=63314 The Tribunal found in favor of the assessee, ruling that the Assessing Officer's estimation of a net profit rate at 8% on gross contract receipts was not justified. The Tribunal held that the rejection of the books of account was unwarranted as they were well-maintained and audited. The Tribunal emphasized the need for the Revenue to prove the books' unreliability and noted that the profit margins were in line with industry standards. The Tribunal partially allowed the appeal, remanding the issues of salary disallowance and miscellaneous income back to the Assessing Officer for further review. en-us Fri, 22 Sep 2006 00:00:00 +0530 Thu, 26 Jul 2012 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63314 The Tribunal found in favor of the assessee, ruling that the Assessing Officer's estimation of a net profit rate at 8% on gross contract receipts was not justified. The Tribunal held that the rejection of the books of account was unwarranted as they were well-maintained and audited. The Tribunal emphasized the need for the Revenue to prove the books' unreliability and noted that the profit margins were in line with industry standards. The Tribunal partially allowed the appeal, remanding the issues of salary disallowance and miscellaneous income back to the Assessing Officer for further review. Case-Laws Income Tax Fri, 22 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63314