https://www.taxtmi.com/caselaws?id=193059 The Tribunal allowed the Revenue's appeal, overturning the CIT(A)'s decision and reinstating the AO's findings. The CIT(A)'s estimation of net profit at 55% of total receipts was deemed erroneous due to lack of evidence on expenses. The failure to maintain proper accounts and insufficient evidence for claimed expenses led to disallowance under Section 69C of the Income-tax Act. The Tribunal emphasized the necessity of substantiating expenses with concrete proof, ultimately ruling in favor of the Revenue on 10th May 2012. en-us Thu, 10 May 2012 00:00:00 +0530 Tue, 11 Jul 2017 18:54:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193059 The Tribunal allowed the Revenue's appeal, overturning the CIT(A)'s decision and reinstating the AO's findings. The CIT(A)'s estimation of net profit at 55% of total receipts was deemed erroneous due to lack of evidence on expenses. The failure to maintain proper accounts and insufficient evidence for claimed expenses led to disallowance under Section 69C of the Income-tax Act. The Tribunal emphasized the necessity of substantiating expenses with concrete proof, ultimately ruling in favor of the Revenue on 10th May 2012. Case-Laws Income Tax Thu, 10 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193059