https://www.taxtmi.com/caselaws?id=407267 The Tribunal partially allowed the appeal, directing the Assessing Officer to estimate profit at 3% on total gross receipts instead of the initially imposed 5%. The Tribunal emphasized that the rejection of books of accounts under Sec. 145(3) was justified, but the estimation of profit must be reasonable and supported by material, which was lacking in this case. The Tribunal found the AO's actions arbitrary and lacking proper justification, ensuring a fair assessment based on the nature of the business. en-us Wed, 28 Apr 2021 00:00:00 +0530 Wed, 05 May 2021 08:37:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407267 The Tribunal partially allowed the appeal, directing the Assessing Officer to estimate profit at 3% on total gross receipts instead of the initially imposed 5%. The Tribunal emphasized that the rejection of books of accounts under Sec. 145(3) was justified, but the estimation of profit must be reasonable and supported by material, which was lacking in this case. The Tribunal found the AO's actions arbitrary and lacking proper justification, ensuring a fair assessment based on the nature of the business. Case-Laws Income Tax Wed, 28 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407267