https://www.taxtmi.com/caselaws?id=296656 Where an assessee failed to keep reliable day-to-day production, stock movement and voucher records for labour expenditure in rough diamond processing, the books were rejected under section 145(3) and income was estimated. The disallowance of labour-related was upheld in principle because the supporting records were insufficient, but the estimate made by the Assessing Officer was found excessive on the facts and business nature. The addition was therefore reduced from 20% to 10% of karigars mazdoori expenses, granting partial relief while confirming the power to estimate on a reasonable basis. en-us Fri, 11 May 2012 00:00:00 +0530 Sat, 31 Jul 2021 13:00:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296656 Where an assessee failed to keep reliable day-to-day production, stock movement and voucher records for labour expenditure in rough diamond processing, the books were rejected under section 145(3) and income was estimated. The disallowance of labour-related was upheld in principle because the supporting records were insufficient, but the estimate made by the Assessing Officer was found excessive on the facts and business nature. The addition was therefore reduced from 20% to 10% of karigars mazdoori expenses, granting partial relief while confirming the power to estimate on a reasonable basis. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296656