https://www.taxtmi.com/caselaws?id=177623 The appeal by the Revenue was dismissed, with the majority view supporting the CIT(A)'s decision to estimate the net business income at 0.50% on the turnover of Rs. 2 crores, resulting in an income of Rs. 1,00,000. The assessment was based on a fair and reasonable estimation considering the past records and the circumstances of the case. The claim of loss of books was accepted, and the estimation method adopted by the CIT(A) was upheld. en-us Thu, 20 Feb 1997 00:00:00 +0530 Wed, 13 Jan 2016 17:15:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177623 The appeal by the Revenue was dismissed, with the majority view supporting the CIT(A)'s decision to estimate the net business income at 0.50% on the turnover of Rs. 2 crores, resulting in an income of Rs. 1,00,000. The assessment was based on a fair and reasonable estimation considering the past records and the circumstances of the case. The claim of loss of books was accepted, and the estimation method adopted by the CIT(A) was upheld. Case-Laws Income Tax Thu, 20 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177623