https://www.taxtmi.com/caselaws?id=440934 The Tribunal upheld the CIT(A)'s decision to reject the books of account of the assessee under Section 145(3) due to discrepancies and lack of corroborative evidence. The net profit was estimated at 10% of the gross receipts from the contract business. The CIT(A) partially allowed the deletion of addition regarding bogus purchases and sundry creditors. The disallowance under Section 40A(3) for cash payments was restricted to a reasonable amount. Employee expenses disallowance was limited, and interest income from fixed deposits was included in business receipts for estimation purposes. The appeals of the assessee were partly allowed, and those of the Revenue were dismissed. en-us Thu, 27 Jul 2023 00:00:00 +0530 Wed, 02 Aug 2023 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440934 The Tribunal upheld the CIT(A)'s decision to reject the books of account of the assessee under Section 145(3) due to discrepancies and lack of corroborative evidence. The net profit was estimated at 10% of the gross receipts from the contract business. The CIT(A) partially allowed the deletion of addition regarding bogus purchases and sundry creditors. The disallowance under Section 40A(3) for cash payments was restricted to a reasonable amount. Employee expenses disallowance was limited, and interest income from fixed deposits was included in business receipts for estimation purposes. The appeals of the assessee were partly allowed, and those of the Revenue were dismissed. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440934