https://www.taxtmi.com/caselaws?id=368469 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to estimate income at 11% of gross sales for a civil construction assessee, dismissing appeals for higher and lower estimations. It also agreed with including unaccounted receipts in total turnover for income estimation. The Tribunal confirmed the validity of the notice issued under section 148. Penalties under sections 271D and 271E were partly upheld and confirmed, respectively, for accepting cash loans and repaying loans in cash. Appeals and cross-objections were dismissed accordingly. en-us Fri, 05 Oct 2018 00:00:00 +0530 Tue, 09 Oct 2018 06:44:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368469 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to estimate income at 11% of gross sales for a civil construction assessee, dismissing appeals for higher and lower estimations. It also agreed with including unaccounted receipts in total turnover for income estimation. The Tribunal confirmed the validity of the notice issued under section 148. Penalties under sections 271D and 271E were partly upheld and confirmed, respectively, for accepting cash loans and repaying loans in cash. Appeals and cross-objections were dismissed accordingly. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368469