https://www.taxtmi.com/caselaws?id=247915 The Tribunal upheld the CIT(A)'s decision to estimate income at 8% and 5% for main and sub-contract works, respectively, rejecting the Revenue's appeal. The AO's rejection of books of account was supported, emphasizing the need for accurate records. Depreciation was denied, but interest/salary deductions were allowed within specified limits. The Tribunal's decision was based on factual considerations, legal provisions, and previous Tribunal rulings, ensuring compliance with relevant laws and precedents. en-us Tue, 29 Apr 2014 00:00:00 +0530 Tue, 27 May 2014 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247915 The Tribunal upheld the CIT(A)'s decision to estimate income at 8% and 5% for main and sub-contract works, respectively, rejecting the Revenue's appeal. The AO's rejection of books of account was supported, emphasizing the need for accurate records. Depreciation was denied, but interest/salary deductions were allowed within specified limits. The Tribunal's decision was based on factual considerations, legal provisions, and previous Tribunal rulings, ensuring compliance with relevant laws and precedents. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247915