https://www.taxtmi.com/caselaws?id=67122 Where books are audited but expense vouchers and work-in-progress records are deficient, profit may be estimated under the proviso to section 145(1) of the Income-tax Act; on those facts, a 12.5% net profit rate on contract receipts was upheld before depreciation. The assessee's construction activity was also treated as involving a manufacturing process, so the claimed industrial incentive deductions were allowed under section 80HH for assessment year 1985-86 and under sections 80HH and 80-I for assessment year 1986-87. en-us Mon, 09 Nov 1992 00:00:00 +0530 Wed, 09 Mar 2011 11:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67122 Where books are audited but expense vouchers and work-in-progress records are deficient, profit may be estimated under the proviso to section 145(1) of the Income-tax Act; on those facts, a 12.5% net profit rate on contract receipts was upheld before depreciation. The assessee's construction activity was also treated as involving a manufacturing process, so the claimed industrial incentive deductions were allowed under section 80HH for assessment year 1985-86 and under sections 80HH and 80-I for assessment year 1986-87. Case-Laws Income Tax Mon, 09 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67122