https://www.taxtmi.com/caselaws?id=379698 The Tribunal directed the Assessing Officer to estimate income at 3% of the cost of goods sold instead of 5% for the AY 2013-14. The rejection of books of account was upheld due to the assessee's failure to maintain them, leading to income estimation at 5%. The issue of adding interest income from bank deposits was remitted back for verification. Cash credits in the bank account were treated as income under section 68 of the IT Act due to insufficient evidence provided by the assessee. The Tribunal admitted additional evidences submitted by the assessee, prompting a reexamination by the AO. en-us Fri, 03 May 2019 00:00:00 +0530 Tue, 07 May 2019 06:10:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379698 The Tribunal directed the Assessing Officer to estimate income at 3% of the cost of goods sold instead of 5% for the AY 2013-14. The rejection of books of account was upheld due to the assessee's failure to maintain them, leading to income estimation at 5%. The issue of adding interest income from bank deposits was remitted back for verification. Cash credits in the bank account were treated as income under section 68 of the IT Act due to insufficient evidence provided by the assessee. The Tribunal admitted additional evidences submitted by the assessee, prompting a reexamination by the AO. Case-Laws Income Tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379698