https://www.taxtmi.com/caselaws?id=186132 Where purchases were treated as unverified and the books were rejected, income was required to be estimated on a reasonable basis, not at an excessive rate; the estimate was reduced to 0.87% of turnover and consequential partner remuneration and interest under section 40(b) were allowed. Penalty under section 271(1)(c) could not be sustained on the same estimated addition because the assessment record did not contain a clear finding of concealment or furnishing of inaccurate particulars. The penalty was therefore deleted, giving the assessee relief on both quantum and penalty. en-us Fri, 18 Jun 2010 00:00:00 +0530 Thu, 08 Sep 2016 09:51:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186132 Where purchases were treated as unverified and the books were rejected, income was required to be estimated on a reasonable basis, not at an excessive rate; the estimate was reduced to 0.87% of turnover and consequential partner remuneration and interest under section 40(b) were allowed. Penalty under section 271(1)(c) could not be sustained on the same estimated addition because the assessment record did not contain a clear finding of concealment or furnishing of inaccurate particulars. The penalty was therefore deleted, giving the assessee relief on both quantum and penalty. Case-Laws Income Tax Fri, 18 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186132