https://www.taxtmi.com/caselaws?id=180073 Where tax-deducted receipts were not properly reconciled with the books, the accounts were treated as not correct and complete, so rejection under section 145(3) was justified. The assessee was found to be independently engaged in transportation activity by taking trucks on hire and giving them on hire, rather than acting as a transport contractor or mere commission agent. On profit estimation, an 8% rate on gross receipts was not sustained on the facts, and the income was directed to be computed at 3.5% of gross receipts on a reasonable basis. en-us Thu, 24 Jan 2013 00:00:00 +0530 Wed, 16 Mar 2016 10:49:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180073 Where tax-deducted receipts were not properly reconciled with the books, the accounts were treated as not correct and complete, so rejection under section 145(3) was justified. The assessee was found to be independently engaged in transportation activity by taking trucks on hire and giving them on hire, rather than acting as a transport contractor or mere commission agent. On profit estimation, an 8% rate on gross receipts was not sustained on the facts, and the income was directed to be computed at 3.5% of gross receipts on a reasonable basis. Case-Laws Income Tax Thu, 24 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180073