https://www.taxtmi.com/caselaws?id=193366 The Tribunal upheld the decision of CIT(A) in dismissing the revenue's appeal concerning the addition of estimated income of Rs. 21.40 crores due to lack of bills and vouchers. The assessing officer's estimation of profit at 5% was deemed inappropriate as the books of account were not rejected during assessment. The Tribunal stressed the necessity of rejecting books of account before resorting to estimation methods, emphasizing proper assessment procedures and the importance of maintaining accurate records for fair tax assessments. The appeal was dismissed, highlighting the significance of adhering to legal principles in determining taxable income. en-us Fri, 25 Nov 2016 00:00:00 +0530 Wed, 26 Jul 2017 10:29:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193366 The Tribunal upheld the decision of CIT(A) in dismissing the revenue's appeal concerning the addition of estimated income of Rs. 21.40 crores due to lack of bills and vouchers. The assessing officer's estimation of profit at 5% was deemed inappropriate as the books of account were not rejected during assessment. The Tribunal stressed the necessity of rejecting books of account before resorting to estimation methods, emphasizing proper assessment procedures and the importance of maintaining accurate records for fair tax assessments. The appeal was dismissed, highlighting the significance of adhering to legal principles in determining taxable income. Case-Laws Income Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193366