https://www.taxtmi.com/caselaws?id=210571 The Tribunal upheld the CIT(A)'s decisions in all three appeals, dismissing the Revenue's challenges. It emphasized the significance of fair income assessment through reasonable estimates, particularly in cases of rejected accounts. The Tribunal rejected the Revenue's arguments on various issues, including the application of GP rates, rejection of books of accounts, and additions based on unverifiable purchases and consumption of color and chemicals. The decisions favored the assessee, with the Tribunal highlighting the importance of consistency and reasonableness in income assessment. en-us Thu, 05 Jan 2012 00:00:00 +0530 Wed, 15 Feb 2012 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210571 The Tribunal upheld the CIT(A)'s decisions in all three appeals, dismissing the Revenue's challenges. It emphasized the significance of fair income assessment through reasonable estimates, particularly in cases of rejected accounts. The Tribunal rejected the Revenue's arguments on various issues, including the application of GP rates, rejection of books of accounts, and additions based on unverifiable purchases and consumption of color and chemicals. The decisions favored the assessee, with the Tribunal highlighting the importance of consistency and reasonableness in income assessment. Case-Laws Income Tax Thu, 05 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210571