https://www.taxtmi.com/caselaws?id=326221 The Tribunal partially allowed the appeal by reducing the net profit rate and directing the Assessing Officer to recalculate the income. The rejection of books of account under section 145(3) was upheld due to discrepancies and lack of documentation. The Tribunal adjusted the net profit rate applied for trading addition, reducing it from 11% to 5.5%. Bank interest was correctly treated as income from other sources. The charging of interest under sections 234(B), 234(D), and 244(A) was upheld as consequential to the income estimation process. en-us Fri, 04 Mar 2016 00:00:00 +0530 Sat, 09 Apr 2016 07:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326221 The Tribunal partially allowed the appeal by reducing the net profit rate and directing the Assessing Officer to recalculate the income. The rejection of books of account under section 145(3) was upheld due to discrepancies and lack of documentation. The Tribunal adjusted the net profit rate applied for trading addition, reducing it from 11% to 5.5%. Bank interest was correctly treated as income from other sources. The charging of interest under sections 234(B), 234(D), and 244(A) was upheld as consequential to the income estimation process. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326221