https://www.taxtmi.com/caselaws?id=243108 The Tribunal partially allowed the appeal of a partnership firm in the marble goods business, reducing the addition amount from Rs.73,846 to Rs.33,000. The Tribunal emphasized the importance of fair and reasonable income estimation, considering past history and circumstances of the assessee. It highlighted the need for justifiable turnover and net profit rate calculations in the absence of regular books of account, granting relief to the assessee based on historical data and reasonable estimation methods. en-us Fri, 02 Aug 2013 00:00:00 +0530 Sat, 25 Jan 2014 20:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243108 The Tribunal partially allowed the appeal of a partnership firm in the marble goods business, reducing the addition amount from Rs.73,846 to Rs.33,000. The Tribunal emphasized the importance of fair and reasonable income estimation, considering past history and circumstances of the assessee. It highlighted the need for justifiable turnover and net profit rate calculations in the absence of regular books of account, granting relief to the assessee based on historical data and reasonable estimation methods. Case-Laws Income Tax Fri, 02 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243108