https://www.taxtmi.com/caselaws?id=421002 The Tribunal allowed the appeal, directing the AO to estimate the income from the contract business at 8% of the gross receipts and not to disallow expenses under Section 40A(3) without proper evidence. The Tribunal emphasized the importance of maintaining books of accounts and getting them audited when turnover exceeds Rs. 1 crore but found the authorities' estimation of profit margin and disallowance of expenses without proper inquiry unreasonable. The appeal was allowed, and the order was pronounced on March 31, 2022. en-us Thu, 31 Mar 2022 00:00:00 +0530 Fri, 15 Apr 2022 08:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421002 The Tribunal allowed the appeal, directing the AO to estimate the income from the contract business at 8% of the gross receipts and not to disallow expenses under Section 40A(3) without proper evidence. The Tribunal emphasized the importance of maintaining books of accounts and getting them audited when turnover exceeds Rs. 1 crore but found the authorities' estimation of profit margin and disallowance of expenses without proper inquiry unreasonable. The appeal was allowed, and the order was pronounced on March 31, 2022. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421002