https://www.taxtmi.com/caselaws?id=763802 ITAT Chennai upheld CIT(A)'s decision rejecting assessee's books of accounts under section 145 and estimating income under section 144. The tribunal held that when income is estimated using best judgment method, all deductions under sections 30-43D are deemed included in the estimate, as the estimation substitutes business income computation under section 29. Revenue's plea for additional deductions was rejected, with tribunal citing precedents from Andhra Pradesh HC and Allahabad HC supporting this position. en-us Tue, 26 Nov 2024 00:00:00 +0530 Fri, 27 Dec 2024 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763802 ITAT Chennai upheld CIT(A)'s decision rejecting assessee's books of accounts under section 145 and estimating income under section 144. The tribunal held that when income is estimated using best judgment method, all deductions under sections 30-43D are deemed included in the estimate, as the estimation substitutes business income computation under section 29. Revenue's plea for additional deductions was rejected, with tribunal citing precedents from Andhra Pradesh HC and Allahabad HC supporting this position. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763802