https://www.taxtmi.com/caselaws?id=217536 The tribunal ruled in favor of the assessee in a case involving the rejection of books of account under section 145(3) and the estimation of income under 'Profit & Gains of Business.' The rejection of the book profit declared by the assessee was deemed unjustified, leading to the allowance of ground No. 1 in the assessee's appeal. Additionally, the tribunal dismissed the revenue's appeal related to the rejection of trading results and estimation of profits, concluding that the lower authorities erred in rejecting the book profit declared by the assessee. The tribunal upheld the disallowance of writing off advances as bad debts, determining them to be capital losses rather than bad debts. en-us Mon, 16 Jul 2012 00:00:00 +0530 Tue, 11 Sep 2012 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217536 The tribunal ruled in favor of the assessee in a case involving the rejection of books of account under section 145(3) and the estimation of income under 'Profit & Gains of Business.' The rejection of the book profit declared by the assessee was deemed unjustified, leading to the allowance of ground No. 1 in the assessee's appeal. Additionally, the tribunal dismissed the revenue's appeal related to the rejection of trading results and estimation of profits, concluding that the lower authorities erred in rejecting the book profit declared by the assessee. The tribunal upheld the disallowance of writing off advances as bad debts, determining them to be capital losses rather than bad debts. Case-Laws Income Tax Mon, 16 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217536