https://www.taxtmi.com/caselaws?id=290322 The Tribunal ruled in favor of the assessee in a case concerning the estimation of gross profit and income without rejecting the books of account. It held that the assessment made on estimation without rejecting the books of account should be set aside. The Tribunal emphasized that income estimation should only occur if the accounts' correctness or completeness is unsatisfactory, citing legal provisions and precedents. Consequently, the Tribunal ordered the deletion of the entire addition made by the assessing officer, underscoring the importance of adhering to legal requirements and maintaining proper accounting standards for income computation. en-us Tue, 31 Jul 2018 00:00:00 +0530 Sat, 19 Sep 2020 16:42:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290322 The Tribunal ruled in favor of the assessee in a case concerning the estimation of gross profit and income without rejecting the books of account. It held that the assessment made on estimation without rejecting the books of account should be set aside. The Tribunal emphasized that income estimation should only occur if the accounts' correctness or completeness is unsatisfactory, citing legal provisions and precedents. Consequently, the Tribunal ordered the deletion of the entire addition made by the assessing officer, underscoring the importance of adhering to legal requirements and maintaining proper accounting standards for income computation. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290322