https://www.taxtmi.com/caselaws?id=353804 The Tribunal partly allowed both appeals of the assessee, directing the Assessing Officer to reevaluate the issues concerning the rejection of books of account, trading additions, and interest charged from related parties for both assessment years. The Tribunal upheld the rejection of books of account for both years but directed the AO to compute the average Gross Profit of past years for estimating income. The Tribunal also remanded the issue of interest charged from related parties for proper verification and adjudication, considering commercial expediency due to poor financial conditions of the relatives. en-us Mon, 08 Jan 2018 00:00:00 +0530 Fri, 12 Jan 2018 08:37:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353804 The Tribunal partly allowed both appeals of the assessee, directing the Assessing Officer to reevaluate the issues concerning the rejection of books of account, trading additions, and interest charged from related parties for both assessment years. The Tribunal upheld the rejection of books of account for both years but directed the AO to compute the average Gross Profit of past years for estimating income. The Tribunal also remanded the issue of interest charged from related parties for proper verification and adjudication, considering commercial expediency due to poor financial conditions of the relatives. Case-Laws Income Tax Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353804