https://www.taxtmi.com/caselaws?id=388974 The Tribunal overturned the AO's rejection of the books of accounts under section 145(3) of the IT Act and the subsequent income estimation at 4%, reducing the addition to 3.5% by the CIT (A). The Tribunal emphasized the importance of reasonable income estimation based on historical performance, criticizing arbitrary decisions and lack of justification in assessments. The sustained addition by the CIT (A) was deemed unjustified, leading to its deletion and partial allowance of the appeal. The judgment highlights the significance of fair and reasoned assessments grounded in historical data to avoid arbitrary estimations. en-us Thu, 26 Sep 2019 00:00:00 +0530 Thu, 28 Nov 2019 12:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388974 The Tribunal overturned the AO's rejection of the books of accounts under section 145(3) of the IT Act and the subsequent income estimation at 4%, reducing the addition to 3.5% by the CIT (A). The Tribunal emphasized the importance of reasonable income estimation based on historical performance, criticizing arbitrary decisions and lack of justification in assessments. The sustained addition by the CIT (A) was deemed unjustified, leading to its deletion and partial allowance of the appeal. The judgment highlights the significance of fair and reasoned assessments grounded in historical data to avoid arbitrary estimations. Case-Laws Income Tax Thu, 26 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388974