https://www.taxtmi.com/caselaws?id=764943 ITAT Chennai upheld CIT(A)'s rejection of assessee's books under section 145(3) as they were inaccurate, unreliable, and incomplete. The tribunal approved CIT(A)'s profit estimation methodology based on average net profit on regular receipts across years, finding it logical and rational. Separate additions under sections 37(1) and 40A(3) were deleted as inappropriate once books were rejected and income estimated on gross receipts. For seized cash of Rs. 919.50 lacs, telescoping benefit was granted since assessee offered additional income of Rs. 26.92 crores for earlier years, which exceeded the cash found. en-us Wed, 15 Jan 2025 00:00:00 +0530 Tue, 21 Jan 2025 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764943 ITAT Chennai upheld CIT(A)'s rejection of assessee's books under section 145(3) as they were inaccurate, unreliable, and incomplete. The tribunal approved CIT(A)'s profit estimation methodology based on average net profit on regular receipts across years, finding it logical and rational. Separate additions under sections 37(1) and 40A(3) were deleted as inappropriate once books were rejected and income estimated on gross receipts. For seized cash of Rs. 919.50 lacs, telescoping benefit was granted since assessee offered additional income of Rs. 26.92 crores for earlier years, which exceeded the cash found. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764943