https://www.taxtmi.com/caselaws?id=351932 The Court upheld the Tribunal's decision to apply a net profit rate of 5.5%, dismissing the appeal challenging the modification of orders by the CIT(A) and AO. The Court considered the rejection of books of accounts, estimation of income, disallowance of interest, and jurisdictional challenges. Emphasizing fair income estimation and consistency, the Court ruled in favor of the assessee, noting the importance of accurate income determination despite incomplete records. The decision highlighted past judgments, comparative net profit rates, and directed the AO to calculate income at a reduced rate. en-us Tue, 21 Nov 2017 00:00:00 +0530 Sun, 03 Dec 2017 22:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351932 The Court upheld the Tribunal's decision to apply a net profit rate of 5.5%, dismissing the appeal challenging the modification of orders by the CIT(A) and AO. The Court considered the rejection of books of accounts, estimation of income, disallowance of interest, and jurisdictional challenges. Emphasizing fair income estimation and consistency, the Court ruled in favor of the assessee, noting the importance of accurate income determination despite incomplete records. The decision highlighted past judgments, comparative net profit rates, and directed the AO to calculate income at a reduced rate. Case-Laws Income Tax Tue, 21 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351932