https://www.taxtmi.com/caselaws?id=262970 The Tribunal upheld the CIT(A)'s decision in dismissing grounds related to the acceptance of additional evidence without following IT Rules, 1962. It also affirmed the reduction of net profit estimation rate to 5% from 10% by considering past records and allowing deductions. Further, it modified the order to allow for the deduction of depreciation from the estimated income. The Tribunal also upheld decisions regarding the deletion of cash payment additions and disallowance under section 40A(3) of the Act, in line with the rejection of books of account. en-us Fri, 14 Aug 2015 00:00:00 +0530 Mon, 24 Aug 2015 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262970 The Tribunal upheld the CIT(A)'s decision in dismissing grounds related to the acceptance of additional evidence without following IT Rules, 1962. It also affirmed the reduction of net profit estimation rate to 5% from 10% by considering past records and allowing deductions. Further, it modified the order to allow for the deduction of depreciation from the estimated income. The Tribunal also upheld decisions regarding the deletion of cash payment additions and disallowance under section 40A(3) of the Act, in line with the rejection of books of account. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262970