https://www.taxtmi.com/caselaws?id=183883 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's appeal. It upheld the rejection of book results and estimation of net profit at 8% of turnover due to the assessee's failure to produce relevant books of account. The addition on account of ceased liabilities under section 41(1) was deleted as the Tribunal found no evidence of liability cessation. The addition on account of unexplained gifts credited in the capital account was maintained as the assessee failed to establish the donor's creditworthiness and the genuineness of the gifts. en-us Fri, 08 Jan 2010 00:00:00 +0530 Fri, 24 Jun 2016 10:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183883 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's appeal. It upheld the rejection of book results and estimation of net profit at 8% of turnover due to the assessee's failure to produce relevant books of account. The addition on account of ceased liabilities under section 41(1) was deleted as the Tribunal found no evidence of liability cessation. The addition on account of unexplained gifts credited in the capital account was maintained as the assessee failed to establish the donor's creditworthiness and the genuineness of the gifts. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183883