https://www.taxtmi.com/caselaws?id=184919 The appeal was against the order of the ld. CIT(Appeals) for assessment year 2008-09. The AO rejected the books of accounts u/s 145(3) due to the assessee's failure to produce complete books of accounts, bill details, and persons to whom payments were made. The AO doubted the genuineness of expenses and rejected the books, leading to the determination of total taxable income at a net profit rate of 10%. The Tribunal allowed the depreciation claim and directed the AO to apply a gross profit rate of 6% along with salary, interest to partners, and the approved depreciation amount. en-us Mon, 15 Apr 2013 00:00:00 +0530 Mon, 25 Jul 2016 11:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184919 The appeal was against the order of the ld. CIT(Appeals) for assessment year 2008-09. The AO rejected the books of accounts u/s 145(3) due to the assessee's failure to produce complete books of accounts, bill details, and persons to whom payments were made. The AO doubted the genuineness of expenses and rejected the books, leading to the determination of total taxable income at a net profit rate of 10%. The Tribunal allowed the depreciation claim and directed the AO to apply a gross profit rate of 6% along with salary, interest to partners, and the approved depreciation amount. Case-Laws Income Tax Mon, 15 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184919