https://www.taxtmi.com/caselaws?id=407653 The Tribunal held that once books of accounts are rejected, the Assessing Officer cannot make separate additions based on the same books but should estimate profit instead. The addition of Rs. 56,68,960/- on account of bogus sundry creditors was deleted. The estimation of net profit at 2% of turnover was upheld, in line with consistency principles and judicial precedents. en-us Thu, 22 Oct 2020 00:00:00 +0530 Tue, 18 May 2021 08:30:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407653 The Tribunal held that once books of accounts are rejected, the Assessing Officer cannot make separate additions based on the same books but should estimate profit instead. The addition of Rs. 56,68,960/- on account of bogus sundry creditors was deleted. The estimation of net profit at 2% of turnover was upheld, in line with consistency principles and judicial precedents. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407653