https://www.taxtmi.com/caselaws?id=326545 The appeal challenged the assessment order under section 143(3) due to lack of jurisdiction. The AO invoked section 145(3), rejecting books of account and applying an 8.5% NP rate, resulting in an addition of Rs. 10,72,520. The CIT (A) upheld this decision. The Tribunal adjusted the NP rate to 6% due to insufficient evidence. Interest income from FDRs was treated separately, leading to a confirmed addition. The Tribunal did not address the charging of interest under sections 234B, 234C, and 234D explicitly, focusing on the NP rate calculation and book rejection. The appeal was partly allowed based on the NP rate adjustment and book rejection. en-us Wed, 24 Feb 2016 00:00:00 +0530 Tue, 19 Apr 2016 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326545 The appeal challenged the assessment order under section 143(3) due to lack of jurisdiction. The AO invoked section 145(3), rejecting books of account and applying an 8.5% NP rate, resulting in an addition of Rs. 10,72,520. The CIT (A) upheld this decision. The Tribunal adjusted the NP rate to 6% due to insufficient evidence. Interest income from FDRs was treated separately, leading to a confirmed addition. The Tribunal did not address the charging of interest under sections 234B, 234C, and 234D explicitly, focusing on the NP rate calculation and book rejection. The appeal was partly allowed based on the NP rate adjustment and book rejection. Case-Laws Income Tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326545