https://www.taxtmi.com/caselaws?id=394630 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 20,624,601 based on net profit estimation and to allow the brought forward loss adjustment in accordance with Section 72 of the Income Tax Act. It found the Assessing Officer's rejection of the books of accounts and income estimation to be unjustified, emphasizing that the assessee had provided necessary documentation during assessment proceedings. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order and rejecting the request to restore the AO's assessment order. en-us Fri, 07 Feb 2020 00:00:00 +0530 Sat, 18 Apr 2020 15:21:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394630 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 20,624,601 based on net profit estimation and to allow the brought forward loss adjustment in accordance with Section 72 of the Income Tax Act. It found the Assessing Officer's rejection of the books of accounts and income estimation to be unjustified, emphasizing that the assessee had provided necessary documentation during assessment proceedings. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order and rejecting the request to restore the AO's assessment order. Case-Laws Income Tax Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394630