https://www.taxtmi.com/caselaws?id=456326 In a contract business where books were rejected and profits had to be estimated, past assessment history was accepted as the proper benchmark, so net profit was reduced to 9% on direct receipts and 4.5% on sub-contract receipts. Once profit was estimated on the business as a whole, separate additions for alleged bogus sub-contract charges were deleted as they would distort the overall result. On other items, rental receipts were taxed at 85%, cash sales were brought to tax on a profit basis, one foreign travel disallowance was deleted for lack of incriminating material in an unabated year, another was sustained for want of business nexus, depreciation disallowance was upheld, and the Chapter VIA claim was remanded for verification. en-us Fri, 22 Sep 2023 00:00:00 +0530 Tue, 16 Jul 2024 21:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456326 In a contract business where books were rejected and profits had to be estimated, past assessment history was accepted as the proper benchmark, so net profit was reduced to 9% on direct receipts and 4.5% on sub-contract receipts. Once profit was estimated on the business as a whole, separate additions for alleged bogus sub-contract charges were deleted as they would distort the overall result. On other items, rental receipts were taxed at 85%, cash sales were brought to tax on a profit basis, one foreign travel disallowance was deleted for lack of incriminating material in an unabated year, another was sustained for want of business nexus, depreciation disallowance was upheld, and the Chapter VIA claim was remanded for verification. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456326