https://www.taxtmi.com/caselaws?id=179405 The ITAT Hyderabad partially allowed the appeal of the assessee, reducing the estimated income from 5% to 3% of total turnover. The ITAT directed the assessing officer to allow deductions for interest and remuneration to partners, considering the absence of truck ownership by the assessee and significant incidental expenditure. The decision emphasized the importance of a reasonable income estimation and adherence to Income Tax Act provisions for businesses like the assessee engaged in vehicle supply for goods transportation. en-us Thu, 28 Jun 2012 00:00:00 +0530 Sat, 17 Jun 2017 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179405 The ITAT Hyderabad partially allowed the appeal of the assessee, reducing the estimated income from 5% to 3% of total turnover. The ITAT directed the assessing officer to allow deductions for interest and remuneration to partners, considering the absence of truck ownership by the assessee and significant incidental expenditure. The decision emphasized the importance of a reasonable income estimation and adherence to Income Tax Act provisions for businesses like the assessee engaged in vehicle supply for goods transportation. Case-Laws Income Tax Thu, 28 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179405