https://www.taxtmi.com/caselaws?id=361724 The ITAT partially allowed the appeal, directing the Assessing Officer to estimate the income in the liquor business at 3% of the cost of goods sold, not less than the profit disclosed by the assessee. Additionally, the ITAT instructed the deletion of the addition of Rs. 1,60,000 under section 68 of the Income Tax Act, considering the deposits as part of the estimated business income due to the rejection of books of account. en-us Fri, 08 Jun 2018 00:00:00 +0530 Wed, 13 Jun 2018 08:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361724 The ITAT partially allowed the appeal, directing the Assessing Officer to estimate the income in the liquor business at 3% of the cost of goods sold, not less than the profit disclosed by the assessee. Additionally, the ITAT instructed the deletion of the addition of Rs. 1,60,000 under section 68 of the Income Tax Act, considering the deposits as part of the estimated business income due to the rejection of books of account. Case-Laws Income Tax Fri, 08 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361724