https://www.taxtmi.com/caselaws?id=281579 The Tribunal partly allowed the appeals of both the Revenue and the assessee. It upheld the rejection of the books of account under Section 145(3) but modified the NP rate to 5% on gross contract receipts. The Tribunal also directed the AO to allow statutory deductions like salary, interest to partners, and depreciation, ensuring the income does not fall below the returned income. The judgment emphasized the need for reasonable estimation and consistency with past assessments. en-us Wed, 26 Mar 2014 00:00:00 +0530 Wed, 26 Jun 2019 06:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281579 The Tribunal partly allowed the appeals of both the Revenue and the assessee. It upheld the rejection of the books of account under Section 145(3) but modified the NP rate to 5% on gross contract receipts. The Tribunal also directed the AO to allow statutory deductions like salary, interest to partners, and depreciation, ensuring the income does not fall below the returned income. The judgment emphasized the need for reasonable estimation and consistency with past assessments. Case-Laws Income Tax Wed, 26 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281579