https://www.taxtmi.com/caselaws?id=759200 Where books of account are rejected and business income is estimated on turnover, the profit rate must reflect a fair assessment based on past results and trading nature, and additional income already offered can be telescoped to avoid double taxation. Separate additions for coupons as unexplained expenditure under section 69C were not sustainable because the expenditure element was already embedded in the estimated profit and no independent proof of actual unexplained spending was shown. A further addition for stock difference also could not stand, as it would duplicate the same business result within the overall income estimate. en-us Mon, 02 Sep 2024 00:00:00 +0530 Wed, 18 Dec 2024 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759200 Where books of account are rejected and business income is estimated on turnover, the profit rate must reflect a fair assessment based on past results and trading nature, and additional income already offered can be telescoped to avoid double taxation. Separate additions for coupons as unexplained expenditure under section 69C were not sustainable because the expenditure element was already embedded in the estimated profit and no independent proof of actual unexplained spending was shown. A further addition for stock difference also could not stand, as it would duplicate the same business result within the overall income estimate. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759200