https://www.taxtmi.com/caselaws?id=217951 The Tribunal partially allowed the appeal, disagreeing with the AO and CIT(A) on treating the entire contract receipt as income. They found the books unreliable and estimated income at Rs. 9,21,000/- using a 6% net profit rate on turnover, instead of the declared loss. This decision provided a balanced approach by estimating income reasonably rather than strictly disallowing deductions. en-us Fri, 27 Apr 2012 00:00:00 +0530 Wed, 31 Oct 2012 08:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217951 The Tribunal partially allowed the appeal, disagreeing with the AO and CIT(A) on treating the entire contract receipt as income. They found the books unreliable and estimated income at Rs. 9,21,000/- using a 6% net profit rate on turnover, instead of the declared loss. This decision provided a balanced approach by estimating income reasonably rather than strictly disallowing deductions. Case-Laws Income Tax Fri, 27 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217951