https://www.taxtmi.com/caselaws?id=179017 The Tax Appeal was dismissed by the Tribunal as it upheld the deletions made by the CIT (A) and the Assessing Officer. The Tribunal concurred with the CIT (A) and held that additions to income cannot be made without rejecting the books of account. The Assessing Officer's additions lacked proper estimation and justification, leading to the deletion of significant amounts related to opening stock, purchases, trading expenses, and loans from specific banks. The Tribunal emphasized the need for an honest and fair estimate of income and found no perversity in the decisions made, ultimately dismissing the appeal. en-us Fri, 22 Mar 2013 00:00:00 +0530 Sat, 18 Mar 2023 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179017 The Tax Appeal was dismissed by the Tribunal as it upheld the deletions made by the CIT (A) and the Assessing Officer. The Tribunal concurred with the CIT (A) and held that additions to income cannot be made without rejecting the books of account. The Assessing Officer's additions lacked proper estimation and justification, leading to the deletion of significant amounts related to opening stock, purchases, trading expenses, and loans from specific banks. The Tribunal emphasized the need for an honest and fair estimate of income and found no perversity in the decisions made, ultimately dismissing the appeal. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179017