https://www.taxtmi.com/caselaws?id=366675 The Tribunal found in favor of the appellant on multiple issues, including the improper application of an 8% profit rate post rejection of books under section 145. It directed a fresh assessment emphasizing the need for reasonable judgment and the assessee's cooperation. The Tribunal also ordered the restoration of returned business profits, vacating ad hoc assessments, ensuring compliance with principles of natural justice, and correcting the separate assessment of interest income. Overall, the Tribunal allowed the appeal for statistical purposes, stressing the importance of a fair and well-founded assessment process. en-us Tue, 04 Sep 2018 00:00:00 +0530 Sat, 08 Sep 2018 08:09:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366675 The Tribunal found in favor of the appellant on multiple issues, including the improper application of an 8% profit rate post rejection of books under section 145. It directed a fresh assessment emphasizing the need for reasonable judgment and the assessee's cooperation. The Tribunal also ordered the restoration of returned business profits, vacating ad hoc assessments, ensuring compliance with principles of natural justice, and correcting the separate assessment of interest income. Overall, the Tribunal allowed the appeal for statistical purposes, stressing the importance of a fair and well-founded assessment process. Case-Laws Income Tax Tue, 04 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366675