https://www.taxtmi.com/caselaws?id=367887 The Tribunal allowed the appeal for statistical purposes, directing the Assessing Officer to re-decide the estimation of net profit at 6.5% instead of 10% for the assessment year 2009-10. The rejection of books of accounts under section 145(3) was upheld due to the assessee's failure to produce them. The Tribunal criticized the lack of a valid basis for the profit rate estimations by both the Assessing Officer and the CIT (A), emphasizing the importance of providing sound reasoning in assessment proceedings. en-us Mon, 24 Sep 2018 00:00:00 +0530 Thu, 27 Sep 2018 06:49:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367887 The Tribunal allowed the appeal for statistical purposes, directing the Assessing Officer to re-decide the estimation of net profit at 6.5% instead of 10% for the assessment year 2009-10. The rejection of books of accounts under section 145(3) was upheld due to the assessee's failure to produce them. The Tribunal criticized the lack of a valid basis for the profit rate estimations by both the Assessing Officer and the CIT (A), emphasizing the importance of providing sound reasoning in assessment proceedings. Case-Laws Income Tax Mon, 24 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367887