https://www.taxtmi.com/caselaws?id=280488 The tribunal ruled in favor of the assessee in a tax assessment case, emphasizing that the assessing officer unjustly rejected the books of account based on unsupported assumptions and retracted statements. The tribunal directed the AO to accept the declared book results, delete the estimated income, assess interest income as 'business income,' and allow necessary business expenses. The reassessment was upheld but with a requirement for proper evidence. The appeals of the assessee were partially allowed, leading to a favorable outcome for the assessee in the case. en-us Fri, 09 Sep 2016 00:00:00 +0530 Tue, 07 May 2019 23:07:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280488 The tribunal ruled in favor of the assessee in a tax assessment case, emphasizing that the assessing officer unjustly rejected the books of account based on unsupported assumptions and retracted statements. The tribunal directed the AO to accept the declared book results, delete the estimated income, assess interest income as 'business income,' and allow necessary business expenses. The reassessment was upheld but with a requirement for proper evidence. The appeals of the assessee were partially allowed, leading to a favorable outcome for the assessee in the case. Case-Laws Income Tax Fri, 09 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280488