https://www.taxtmi.com/caselaws?id=189160 The reassessment proceedings initiated under section 148 were deemed invalid as they were solely based on an audit objection without independent assessment by the Assessing Officer. The rejection of books of account under section 145(3) was upheld due to significant discrepancies. The application of a net profit rate was adjusted by the CIT(A) based on the assessee's historical performance. The disallowance under section 40a(ia) was deleted after the rejection of books. The treatment of bank interest income was remanded for further review. The Tribunal partly allowed the assessee's appeal and cross objection, while partially allowing the department's appeal for statistical purposes. en-us Thu, 14 Feb 2013 00:00:00 +0530 Thu, 29 Dec 2016 17:11:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189160 The reassessment proceedings initiated under section 148 were deemed invalid as they were solely based on an audit objection without independent assessment by the Assessing Officer. The rejection of books of account under section 145(3) was upheld due to significant discrepancies. The application of a net profit rate was adjusted by the CIT(A) based on the assessee's historical performance. The disallowance under section 40a(ia) was deleted after the rejection of books. The treatment of bank interest income was remanded for further review. The Tribunal partly allowed the assessee's appeal and cross objection, while partially allowing the department's appeal for statistical purposes. Case-Laws Income Tax Thu, 14 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189160