https://www.taxtmi.com/caselaws?id=356766 The Tribunal upheld the CIT (A)'s decision to reject the books of accounts and estimate income at 14.5% of turnover for Assessment Years 2010-11 & 2011-12. The revenue's appeals were dismissed, affirming the validity of relying on past history when books of accounts are rejected under Section 145(3) of the Income Tax Act. The Tribunal found no grounds to interfere with the CIT (A)'s reasoning, supporting the rejection of unverifiable expenses and the reasonable estimation of income based on the circumstances and past history of the case. en-us Thu, 01 Mar 2018 00:00:00 +0530 Mon, 12 Mar 2018 05:46:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356766 The Tribunal upheld the CIT (A)'s decision to reject the books of accounts and estimate income at 14.5% of turnover for Assessment Years 2010-11 & 2011-12. The revenue's appeals were dismissed, affirming the validity of relying on past history when books of accounts are rejected under Section 145(3) of the Income Tax Act. The Tribunal found no grounds to interfere with the CIT (A)'s reasoning, supporting the rejection of unverifiable expenses and the reasonable estimation of income based on the circumstances and past history of the case. Case-Laws Income Tax Thu, 01 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356766