https://www.taxtmi.com/caselaws?id=268635 The Tribunal upheld the CIT(A)'s decision to reject the Revenue's challenge regarding the estimation of income at Rs. 91.00 crores, emphasizing that low GP alone is insufficient to estimate income and that advance tax is not indicative of final taxable income. The Tribunal found the AO's estimation lacked substantial evidence of discrepancies or suppression. Additionally, the Tribunal dismissed the Revenue's appeal on the carry forward and set off of business loss and unabsorbed depreciation for the assessment year 2011-12, noting that the AO's summary rejection of the books hindered a proper examination, which was later confirmed to be allowable. en-us Fri, 20 Nov 2015 00:00:00 +0530 Mon, 30 Nov 2015 12:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268635 The Tribunal upheld the CIT(A)'s decision to reject the Revenue's challenge regarding the estimation of income at Rs. 91.00 crores, emphasizing that low GP alone is insufficient to estimate income and that advance tax is not indicative of final taxable income. The Tribunal found the AO's estimation lacked substantial evidence of discrepancies or suppression. Additionally, the Tribunal dismissed the Revenue's appeal on the carry forward and set off of business loss and unabsorbed depreciation for the assessment year 2011-12, noting that the AO's summary rejection of the books hindered a proper examination, which was later confirmed to be allowable. Case-Laws Income Tax Fri, 20 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268635