https://www.taxtmi.com/caselaws?id=427349 The Tribunal upheld the CIT(Appeals)'s decision, dismissing the revenue's appeals for AY 2013-14 and AY 2015-16. It found that the AO lacked sufficient grounds to reject the books of accounts or estimate net profit at 10%. Emphasizing the need for specific defects or irregularities to justify such actions, the Tribunal highlighted that assessments should be based on each year's facts. Past voluntary declarations were deemed insufficient justification. Therefore, the Tribunal upheld the CIT(Appeals)'s orders. en-us Mon, 29 Aug 2022 00:00:00 +0530 Wed, 07 Sep 2022 06:46:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427349 The Tribunal upheld the CIT(Appeals)'s decision, dismissing the revenue's appeals for AY 2013-14 and AY 2015-16. It found that the AO lacked sufficient grounds to reject the books of accounts or estimate net profit at 10%. Emphasizing the need for specific defects or irregularities to justify such actions, the Tribunal highlighted that assessments should be based on each year's facts. Past voluntary declarations were deemed insufficient justification. Therefore, the Tribunal upheld the CIT(Appeals)'s orders. Case-Laws Income Tax Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427349