https://www.taxtmi.com/caselaws?id=335232 The Tribunal found the Assessing Officer's order to be erroneous and prejudicial to the interest of Revenue. While modifying the direction to adopt 5% of the gross receipts, the Tribunal emphasized the need for a fresh examination of the books of account by the AO. The assessment proceedings were set aside and restored to the AO's file for detailed examination, and the direction to initiate penalty proceedings was also modified. en-us Fri, 21 Oct 2016 00:00:00 +0530 Mon, 28 Nov 2016 13:03:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335232 The Tribunal found the Assessing Officer's order to be erroneous and prejudicial to the interest of Revenue. While modifying the direction to adopt 5% of the gross receipts, the Tribunal emphasized the need for a fresh examination of the books of account by the AO. The assessment proceedings were set aside and restored to the AO's file for detailed examination, and the direction to initiate penalty proceedings was also modified. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335232