https://www.taxtmi.com/caselaws?id=762320 ITAT Chennai dismissed assessee's appeal regarding book rejection and income estimation. The tribunal upheld CIT(A)'s decision that once books are rejected under section 145(3), no separate addition for suppressed closing stock is warranted as the effect gets subsumed in profit estimation. Regarding advances received, ITAT agreed with CIT(A) that only profit element at 2.21% should be taxed on increased turnover, not entire sales proceeds, following established precedents. The tribunal found accounting anomalies justified book rejection and supported the estimation methodology adopted by lower authorities. en-us Tue, 26 Nov 2024 00:00:00 +0530 Thu, 28 Nov 2024 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762320 ITAT Chennai dismissed assessee's appeal regarding book rejection and income estimation. The tribunal upheld CIT(A)'s decision that once books are rejected under section 145(3), no separate addition for suppressed closing stock is warranted as the effect gets subsumed in profit estimation. Regarding advances received, ITAT agreed with CIT(A) that only profit element at 2.21% should be taxed on increased turnover, not entire sales proceeds, following established precedents. The tribunal found accounting anomalies justified book rejection and supported the estimation methodology adopted by lower authorities. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762320