https://www.taxtmi.com/caselaws?id=356678 The tribunal partly allowed the appellant's appeal, upholding the rejection of books of accounts under section 145 of the Income Tax Act due to the appellant's failure to produce them. The tribunal directed the assessing officer to estimate the net profit at 5% of gross receipts instead of the initially determined 8%, considering fairness and the nature of the civil construction business. The tribunal stressed the importance of maintaining proper books of accounts for accurate assessment and adjusted the net profit estimation accordingly, partially favoring the appellant in the assessment of taxable income. en-us Wed, 07 Mar 2018 00:00:00 +0530 Thu, 08 Mar 2018 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356678 The tribunal partly allowed the appellant's appeal, upholding the rejection of books of accounts under section 145 of the Income Tax Act due to the appellant's failure to produce them. The tribunal directed the assessing officer to estimate the net profit at 5% of gross receipts instead of the initially determined 8%, considering fairness and the nature of the civil construction business. The tribunal stressed the importance of maintaining proper books of accounts for accurate assessment and adjusted the net profit estimation accordingly, partially favoring the appellant in the assessment of taxable income. Case-Laws Income Tax Wed, 07 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356678