https://www.taxtmi.com/caselaws?id=362276 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO on an estimated basis after rejecting the books of account. The Tribunal emphasized that the books were duly audited, free from significant defects, and should be accepted unless proven unreliable. It noted the lack of specific defects in the accounting method or books themselves, as well as the absence of cross-examination opportunities for the appellant with truck owners. The Tribunal highlighted the importance of considering past profit rates in estimations and dismissed the Revenue's appeal, affirming the CIT(A)'s decision. en-us Wed, 20 Jun 2018 00:00:00 +0530 Fri, 22 Jun 2018 08:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362276 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO on an estimated basis after rejecting the books of account. The Tribunal emphasized that the books were duly audited, free from significant defects, and should be accepted unless proven unreliable. It noted the lack of specific defects in the accounting method or books themselves, as well as the absence of cross-examination opportunities for the appellant with truck owners. The Tribunal highlighted the importance of considering past profit rates in estimations and dismissed the Revenue's appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362276