https://www.taxtmi.com/caselaws?id=242966 The Tribunal allowed all appeals by the assessee and dismissed those by the Revenue in a case involving the rejection of books of accounts and income estimation. The Tribunal held that without incriminating evidence or defects in the accounts, the CIT(A) unjustly confirmed the income estimation at 0.5%. Consequently, the Tribunal ordered the deletion of the income estimation and directed acceptance of the books of accounts for assessment. The judgment emphasizes the importance of concrete evidence in tax assessments and the burden on the Revenue to establish allegations with substantial evidence rather than assumptions or circumstantial evidence. en-us Thu, 16 Jan 2014 00:00:00 +0530 Fri, 24 Jan 2014 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242966 The Tribunal allowed all appeals by the assessee and dismissed those by the Revenue in a case involving the rejection of books of accounts and income estimation. The Tribunal held that without incriminating evidence or defects in the accounts, the CIT(A) unjustly confirmed the income estimation at 0.5%. Consequently, the Tribunal ordered the deletion of the income estimation and directed acceptance of the books of accounts for assessment. The judgment emphasizes the importance of concrete evidence in tax assessments and the burden on the Revenue to establish allegations with substantial evidence rather than assumptions or circumstantial evidence. Case-Laws Income Tax Thu, 16 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242966