https://www.taxtmi.com/caselaws?id=246775 The Tribunal upheld the CIT(A)'s decision to reject the books of accounts and estimate profits at 5% based on purchases or stock put for sale. The Revenue's appeal was dismissed, affirming the 5% estimation approach for liquor businesses without reliable books of accounts, in line with consistent decisions by coordinate benches. The decision emphasized the importance of reasonable estimations in the absence of reliable accounting records, aligning with established precedents in similar cases. en-us Wed, 16 Apr 2014 00:00:00 +0530 Mon, 21 Apr 2014 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246775 The Tribunal upheld the CIT(A)'s decision to reject the books of accounts and estimate profits at 5% based on purchases or stock put for sale. The Revenue's appeal was dismissed, affirming the 5% estimation approach for liquor businesses without reliable books of accounts, in line with consistent decisions by coordinate benches. The decision emphasized the importance of reasonable estimations in the absence of reliable accounting records, aligning with established precedents in similar cases. Case-Laws Income Tax Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246775