https://www.taxtmi.com/caselaws?id=183270 The Revenue's appeal was partly allowed in the case concerning the estimation of income under section 44AD for the assessment year 2007-08. The Assessee's Cross Objection was dismissed. The Tribunal found the Assessee's books unreliable and discrepancies in income estimation. The AO rightly rejected the books and estimated income at 8% of gross contract receipts, considering factors like location and raw material availability. Depreciation on estimated income was not allowed, but the partner's salary deduction was permitted within the limitations of section 40(b). en-us Fri, 21 Jan 2011 00:00:00 +0530 Fri, 03 Jun 2016 11:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183270 The Revenue's appeal was partly allowed in the case concerning the estimation of income under section 44AD for the assessment year 2007-08. The Assessee's Cross Objection was dismissed. The Tribunal found the Assessee's books unreliable and discrepancies in income estimation. The AO rightly rejected the books and estimated income at 8% of gross contract receipts, considering factors like location and raw material availability. Depreciation on estimated income was not allowed, but the partner's salary deduction was permitted within the limitations of section 40(b). Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183270