https://www.taxtmi.com/caselaws?id=214925 The Tribunal set aside the Assessing Officer's estimations of the Net Profit (NP) rate and disallowance of expenditures, ruling them as based on mere surmises. It directed acceptance of the audited books of account, verified by auditors, and instructed the Assessing Officer to accept the returned income for assessment under Section 143(3)/153A. Consequently, all appeals by the assessees were allowed. en-us Fri, 29 Jun 2012 00:00:00 +0530 Thu, 19 Jul 2012 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214925 The Tribunal set aside the Assessing Officer's estimations of the Net Profit (NP) rate and disallowance of expenditures, ruling them as based on mere surmises. It directed acceptance of the audited books of account, verified by auditors, and instructed the Assessing Officer to accept the returned income for assessment under Section 143(3)/153A. Consequently, all appeals by the assessees were allowed. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214925