https://www.taxtmi.com/caselaws?id=335803 The Tribunal partly allowed the appeal by modifying the Assessing Officer's estimation of profit, applying a Net Profit rate of 10% subject to interest and depreciation. The Tribunal set aside the separate addition under Section 68, emphasizing the importance of reasonable estimation based on past history and the impracticality of making additional additions once the books of account are rejected. en-us Thu, 10 Nov 2016 00:00:00 +0530 Fri, 09 Dec 2016 13:22:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335803 The Tribunal partly allowed the appeal by modifying the Assessing Officer's estimation of profit, applying a Net Profit rate of 10% subject to interest and depreciation. The Tribunal set aside the separate addition under Section 68, emphasizing the importance of reasonable estimation based on past history and the impracticality of making additional additions once the books of account are rejected. Case-Laws Income Tax Thu, 10 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335803