https://www.taxtmi.com/caselaws?id=765284 The ITAT AGRA confirmed partial addition of Rs. 1,00,000 against the assessee contractor, rejecting the AO's estimation of income at 8% of gross contract receipts (Rs. 4,00,48,401). The tribunal found that while the assessee produced books of accounts and tax audit reports, self-made cash vouchers were unverifiable and not supported by evidence. However, the authorities failed to quantify or specify these questionable vouchers with precision. Regarding interest income from JSPL, the matter was remanded to the AO for verification whether funds were invested for business purposes rather than surplus investment. en-us Mon, 27 Jan 2025 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765284 The ITAT AGRA confirmed partial addition of Rs. 1,00,000 against the assessee contractor, rejecting the AO's estimation of income at 8% of gross contract receipts (Rs. 4,00,48,401). The tribunal found that while the assessee produced books of accounts and tax audit reports, self-made cash vouchers were unverifiable and not supported by evidence. However, the authorities failed to quantify or specify these questionable vouchers with precision. Regarding interest income from JSPL, the matter was remanded to the AO for verification whether funds were invested for business purposes rather than surplus investment. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765284