https://www.taxtmi.com/caselaws?id=259844 Regular audited books with stock records and no specific defects cannot be rejected merely to apply an inapplicable profit estimate under section 44AF, so the disallowance based on estimated net profit was not sustainable. The truck-related addition required fresh factual verification because the record did not conclusively establish the purchase, business use, and corresponding expenditure, so the issue was remanded for re-examination. Exemption under section 10(37) for enhanced compensation on compulsory acquisition of agricultural land was available on the facts, as the statutory conditions and relevant transfer date were satisfied, so the Revenue challenge failed. en-us Fri, 08 May 2015 00:00:00 +0530 Sat, 23 May 2015 22:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259844 Regular audited books with stock records and no specific defects cannot be rejected merely to apply an inapplicable profit estimate under section 44AF, so the disallowance based on estimated net profit was not sustainable. The truck-related addition required fresh factual verification because the record did not conclusively establish the purchase, business use, and corresponding expenditure, so the issue was remanded for re-examination. Exemption under section 10(37) for enhanced compensation on compulsory acquisition of agricultural land was available on the facts, as the statutory conditions and relevant transfer date were satisfied, so the Revenue challenge failed. Case-Laws Income Tax Fri, 08 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259844