https://www.taxtmi.com/caselaws?id=259310 The Tribunal allowed both the Assessee's and the Revenue's appeals for statistical purposes in a case involving the rejection of books of account and estimation of profit at 0.7% by the CIT(A) for the Assessment Year 2009-10. The Tribunal emphasized the importance of giving the Assessee an opportunity to explain entries before rejecting books of account and remitted the matter back to the AO for a fresh decision. Additionally, the disallowance of depreciation claim on fixed assets was also remitted for a fresh decision after providing the Assessee with a fair hearing. en-us Fri, 13 Mar 2015 00:00:00 +0530 Thu, 07 May 2015 07:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259310 The Tribunal allowed both the Assessee's and the Revenue's appeals for statistical purposes in a case involving the rejection of books of account and estimation of profit at 0.7% by the CIT(A) for the Assessment Year 2009-10. The Tribunal emphasized the importance of giving the Assessee an opportunity to explain entries before rejecting books of account and remitted the matter back to the AO for a fresh decision. Additionally, the disallowance of depreciation claim on fixed assets was also remitted for a fresh decision after providing the Assessee with a fair hearing. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259310