https://www.taxtmi.com/caselaws?id=200076 The Tribunal upheld the rejection of the books of account under section 145 of the Income Tax Act, 1961, due to seized documents indicating higher profits. It directed the exclusion of government-supplied materials from total contract receipts for profit calculation. The profit estimation at 12.5% was deemed excessive, with directions to assess at 10%. Treatment of other income, including interest on fixed deposits and sub-contractor advances, was specified. The appeals were partly allowed, with instructions for reassessment by the Assessing Officer. en-us Fri, 27 Aug 2010 00:00:00 +0530 Mon, 19 Mar 2018 17:09:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200076 The Tribunal upheld the rejection of the books of account under section 145 of the Income Tax Act, 1961, due to seized documents indicating higher profits. It directed the exclusion of government-supplied materials from total contract receipts for profit calculation. The profit estimation at 12.5% was deemed excessive, with directions to assess at 10%. Treatment of other income, including interest on fixed deposits and sub-contractor advances, was specified. The appeals were partly allowed, with instructions for reassessment by the Assessing Officer. Case-Laws Income Tax Fri, 27 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200076