https://www.taxtmi.com/caselaws?id=248233 The ITAT upheld the CIT(A)'s decision to reject the books of account and estimate profit based on a 12% rate, resulting in a taxable income of Rs. 38,62,344/-. The addition of Rs. 69,42,515/- under section 41(1) towards members' contribution was not entirely treated as income, and the Rs. 30,59,301/- credit under the building construction account was disallowed to prevent double taxation. The Revenue's appeal was dismissed for lack of counter evidence, emphasizing adherence to accounting principles and proper income estimation. en-us Fri, 16 May 2014 00:00:00 +0530 Fri, 06 Jun 2014 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248233 The ITAT upheld the CIT(A)'s decision to reject the books of account and estimate profit based on a 12% rate, resulting in a taxable income of Rs. 38,62,344/-. The addition of Rs. 69,42,515/- under section 41(1) towards members' contribution was not entirely treated as income, and the Rs. 30,59,301/- credit under the building construction account was disallowed to prevent double taxation. The Revenue's appeal was dismissed for lack of counter evidence, emphasizing adherence to accounting principles and proper income estimation. Case-Laws Income Tax Fri, 16 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248233