https://www.taxtmi.com/caselaws?id=439859 The Tribunal condoned the delay in filing the appeal, finding it unintentional. It disagreed with the Assessing Officer's estimation of the assessee's income, emphasizing the lack of basis for the estimation and unjustified additions to the total income. The National Faceless Appeal Centre partially upheld the estimation but limited it to a specific period. The Tribunal ruled in favor of the assessee, citing the inability to estimate profit without rejecting the books of account, following a precedent set by the Hon'ble Madras High Court. Penalty proceedings and interest charges were not extensively addressed in the judgment. en-us Fri, 30 Jun 2023 00:00:00 +0530 Mon, 03 Jul 2023 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439859 The Tribunal condoned the delay in filing the appeal, finding it unintentional. It disagreed with the Assessing Officer's estimation of the assessee's income, emphasizing the lack of basis for the estimation and unjustified additions to the total income. The National Faceless Appeal Centre partially upheld the estimation but limited it to a specific period. The Tribunal ruled in favor of the assessee, citing the inability to estimate profit without rejecting the books of account, following a precedent set by the Hon'ble Madras High Court. Penalty proceedings and interest charges were not extensively addressed in the judgment. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439859