https://www.taxtmi.com/caselaws?id=373724 The ITAT Hyderabad allowed the assessee's appeal for the assessment year 2014-15, directing the AO to estimate the net profit at 3% of the cost of goods put to sale for a retail wine shop business. The rejection of books of account and resorting to income estimation were upheld, emphasizing the need for a tailored approach in determining net profit rates. The deduction for remuneration and interest paid to partners was deemed allowable as the estimated income already factored in such expenses. Additionally, interest under sections 234B and 234D was confirmed to be chargeable. en-us Thu, 15 Nov 2018 00:00:00 +0530 Fri, 18 Jan 2019 08:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373724 The ITAT Hyderabad allowed the assessee's appeal for the assessment year 2014-15, directing the AO to estimate the net profit at 3% of the cost of goods put to sale for a retail wine shop business. The rejection of books of account and resorting to income estimation were upheld, emphasizing the need for a tailored approach in determining net profit rates. The deduction for remuneration and interest paid to partners was deemed allowable as the estimated income already factored in such expenses. Additionally, interest under sections 234B and 234D was confirmed to be chargeable. Case-Laws Income Tax Thu, 15 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373724