https://www.taxtmi.com/caselaws?id=371087 The tribunal upheld the CIT(A)'s decision to restrict the Gross Profit rate at 1.67% for the assessment year 2014-15, emphasizing the need for a reasonable basis in the absence of accepted books. Regarding the lump sum disallowance of expenses, the tribunal partially allowed the assessee's appeal, directing the Assessing Officer to reassess the 10% disallowance on certain specific expenses while upholding it on the remaining items. The judgment underscored the significance of past Gross Profit history in income estimation post book rejection and the requirement for verifiable evidence to substantiate expense claims. en-us Mon, 26 Nov 2018 00:00:00 +0530 Wed, 28 Nov 2018 08:39:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371087 The tribunal upheld the CIT(A)'s decision to restrict the Gross Profit rate at 1.67% for the assessment year 2014-15, emphasizing the need for a reasonable basis in the absence of accepted books. Regarding the lump sum disallowance of expenses, the tribunal partially allowed the assessee's appeal, directing the Assessing Officer to reassess the 10% disallowance on certain specific expenses while upholding it on the remaining items. The judgment underscored the significance of past Gross Profit history in income estimation post book rejection and the requirement for verifiable evidence to substantiate expense claims. Case-Laws Income Tax Mon, 26 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371087