https://www.taxtmi.com/caselaws?id=170796 The ITAT upheld the CIT(A)'s deletion of various additions by the AO, including wages, bonus, manufacturing and trading expenses, sundry creditors, and other expenses. The ITAT confirmed the validity of the assessment reopening under sections 147/148 based on prima facie material. The best judgment assessment was deemed fair and reasonable, dismissing both Revenue's appeals and the assessee's cross-objections. The ITAT emphasized the importance of relying on past records and reasonable estimates when books of accounts are rejected. en-us Fri, 29 Aug 2008 00:00:00 +0530 Mon, 15 Jun 2015 17:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170796 The ITAT upheld the CIT(A)'s deletion of various additions by the AO, including wages, bonus, manufacturing and trading expenses, sundry creditors, and other expenses. The ITAT confirmed the validity of the assessment reopening under sections 147/148 based on prima facie material. The best judgment assessment was deemed fair and reasonable, dismissing both Revenue's appeals and the assessee's cross-objections. The ITAT emphasized the importance of relying on past records and reasonable estimates when books of accounts are rejected. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170796