https://www.taxtmi.com/caselaws?id=141047 The High Court upheld the Tribunal's decision that bank account statements prepared on an estimate basis constitute sufficient books of accounts under Section 44AA. In a case involving a Civil Contractor for the assessment year 1999-2000, the Court ruled in favor of the assessee, emphasizing that the absence of prescribed formats by the Revenue for civil contract businesses did not warrant penalty proceedings under Section 271A. The Court found the maintenance of books of accounts acceptable based on the nature of the business, dismissing the revenue's appeal and ruling in favor of the assessee. en-us Mon, 01 Mar 2010 00:00:00 +0530 Tue, 14 Oct 2014 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=141047 The High Court upheld the Tribunal's decision that bank account statements prepared on an estimate basis constitute sufficient books of accounts under Section 44AA. In a case involving a Civil Contractor for the assessment year 1999-2000, the Court ruled in favor of the assessee, emphasizing that the absence of prescribed formats by the Revenue for civil contract businesses did not warrant penalty proceedings under Section 271A. The Court found the maintenance of books of accounts acceptable based on the nature of the business, dismissing the revenue's appeal and ruling in favor of the assessee. Case-Laws Income Tax Mon, 01 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=141047