https://www.taxtmi.com/caselaws?id=338114 The tribunal upheld the Assessing Officer's rejection of the books of accounts under section 145(3) of the Income Tax Act due to lack of proper supporting evidence. The estimation of net profit at 8% on gross contract receipts was deemed fair and reasonable based on legislative benchmarks. Separate deductions for depreciation were not allowed to prevent total income from falling below returned income. Interest on fixed deposits was treated as 'income from other sources' and not linked to business activities. The tribunal affirmed all decisions, emphasizing the significance of proper documentation and adherence to legislative benchmarks. en-us Fri, 20 Jan 2017 00:00:00 +0530 Tue, 24 Jan 2017 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338114 The tribunal upheld the Assessing Officer's rejection of the books of accounts under section 145(3) of the Income Tax Act due to lack of proper supporting evidence. The estimation of net profit at 8% on gross contract receipts was deemed fair and reasonable based on legislative benchmarks. Separate deductions for depreciation were not allowed to prevent total income from falling below returned income. Interest on fixed deposits was treated as 'income from other sources' and not linked to business activities. The tribunal affirmed all decisions, emphasizing the significance of proper documentation and adherence to legislative benchmarks. Case-Laws Income Tax Fri, 20 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338114