https://www.taxtmi.com/caselaws?id=416521 The Tribunal upheld the addition of 1% of gross profit to the appellant's total income, rejecting arguments based on audited financial statements. Assessment orders passed without proper hearing opportunities were dismissed due to lack of submissions. The Assessing Officer's ad-hoc estimation of gross profit at 3% was reduced to 1% by the CIT(A) and affirmed by the Tribunal. Rejection of books of accounts under section 145(3) was justified for lack of evidence. Consistency in judgments led to the dismissal of appeals, emphasizing the importance of evidence and proper documentation in tax assessments. en-us Fri, 24 Dec 2021 00:00:00 +0530 Fri, 31 Dec 2021 08:53:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416521 The Tribunal upheld the addition of 1% of gross profit to the appellant's total income, rejecting arguments based on audited financial statements. Assessment orders passed without proper hearing opportunities were dismissed due to lack of submissions. The Assessing Officer's ad-hoc estimation of gross profit at 3% was reduced to 1% by the CIT(A) and affirmed by the Tribunal. Rejection of books of accounts under section 145(3) was justified for lack of evidence. Consistency in judgments led to the dismissal of appeals, emphasizing the importance of evidence and proper documentation in tax assessments. Case-Laws Income Tax Fri, 24 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416521