https://www.taxtmi.com/caselaws?id=240579 The Tribunal partly allowed the appeal, directing the CIT(A) to compute income based on the books of account. The Tribunal found the delay in preparing the books was reasonable due to ongoing legal proceedings. Unreliable books were considered based on belated preparation and potential manipulation, with the Tribunal overturning the CIT(A)'s decision on unaccounted investments. Deductions for interest and other expenses were allowed, following the computation based on books of account. Interest chargeability under sections 234A, 234B, and 234C was acknowledged as mandatory but consequential, aligning with the Tribunal's overall findings. en-us Wed, 04 Dec 2013 00:00:00 +0530 Sat, 07 Dec 2013 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240579 The Tribunal partly allowed the appeal, directing the CIT(A) to compute income based on the books of account. The Tribunal found the delay in preparing the books was reasonable due to ongoing legal proceedings. Unreliable books were considered based on belated preparation and potential manipulation, with the Tribunal overturning the CIT(A)'s decision on unaccounted investments. Deductions for interest and other expenses were allowed, following the computation based on books of account. Interest chargeability under sections 234A, 234B, and 234C was acknowledged as mandatory but consequential, aligning with the Tribunal's overall findings. Case-Laws Income Tax Wed, 04 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240579