https://www.taxtmi.com/caselaws?id=259393 The Bombay High Court dismissed the appeal challenging the Income-tax Appellate Tribunal's estimation of income for the assessment year 2007-08. The Court upheld the Tribunal's decision to estimate the income at 8% of turnover, rejecting the Revenue's argument for a lower estimation. The Court emphasized the importance of factual findings and declined to interfere with the Tribunal's decision, stating that no substantial question of law was raised. The judgment underscores the significance of maintaining reliable accounts and documentation to support income declarations in tax matters. en-us Fri, 09 Jan 2015 00:00:00 +0530 Sat, 09 May 2015 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259393 The Bombay High Court dismissed the appeal challenging the Income-tax Appellate Tribunal's estimation of income for the assessment year 2007-08. The Court upheld the Tribunal's decision to estimate the income at 8% of turnover, rejecting the Revenue's argument for a lower estimation. The Court emphasized the importance of factual findings and declined to interfere with the Tribunal's decision, stating that no substantial question of law was raised. The judgment underscores the significance of maintaining reliable accounts and documentation to support income declarations in tax matters. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259393