https://www.taxtmi.com/caselaws?id=214224 The Tribunal dismissed the Revenue's appeal and allowed the assessee's Cross Objection. It upheld the determination of the firm as an Association of Persons (AOP), disallowing partner's remuneration. The rejection of books of account was affirmed, with net profit estimated at 5% of purchases. The Tribunal adjusted the net profit estimation to 3% based on past history and comparable cases. Additionally, it ruled that no further additions should be made after rejecting books of account. en-us Thu, 28 Jul 2011 00:00:00 +0530 Sat, 23 Jun 2012 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214224 The Tribunal dismissed the Revenue's appeal and allowed the assessee's Cross Objection. It upheld the determination of the firm as an Association of Persons (AOP), disallowing partner's remuneration. The rejection of books of account was affirmed, with net profit estimated at 5% of purchases. The Tribunal adjusted the net profit estimation to 3% based on past history and comparable cases. Additionally, it ruled that no further additions should be made after rejecting books of account. Case-Laws Income Tax Thu, 28 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214224