https://www.taxtmi.com/caselaws?id=190202 The Tribunal allowed the appeal filed by the assessee, directing the AO to reevaluate profit estimation based on the G.P. rate in cases of rejected books of accounts. The Tribunal emphasized that no disallowance under section 40A(3) should be made once books are rejected, following the precedent set by the Allahabad High Court. The decision overturned the CIT(A)'s decision to disallow cash payments under section 40A(3) and highlighted the importance of historical data in profit estimation for cases involving rejected books of accounts. en-us Thu, 03 Sep 2015 00:00:00 +0530 Thu, 09 Feb 2017 08:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190202 The Tribunal allowed the appeal filed by the assessee, directing the AO to reevaluate profit estimation based on the G.P. rate in cases of rejected books of accounts. The Tribunal emphasized that no disallowance under section 40A(3) should be made once books are rejected, following the precedent set by the Allahabad High Court. The decision overturned the CIT(A)'s decision to disallow cash payments under section 40A(3) and highlighted the importance of historical data in profit estimation for cases involving rejected books of accounts. Case-Laws Income Tax Thu, 03 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190202