https://www.taxtmi.com/caselaws?id=767661 ITAT Allahabad upheld AO's rejection of books under section 145(3) due to discrepancies but reduced CIT(A)'s profit estimation from 5% to 3.5% of contractual receipts. The tribunal found no justification for addition on suppression of receipts without examining if amounts actually accrued and were unaccounted. Court noted that where tax rates are same, assessee gains no benefit from deferring receipt recognition. Net profit assessed at 3.5% on contractual receipts of Rs. 4,79,52,517, with declared profits accepted for sale receipts. en-us Thu, 20 Mar 2025 00:00:00 +0530 Sat, 22 Mar 2025 08:34:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767661 ITAT Allahabad upheld AO's rejection of books under section 145(3) due to discrepancies but reduced CIT(A)'s profit estimation from 5% to 3.5% of contractual receipts. The tribunal found no justification for addition on suppression of receipts without examining if amounts actually accrued and were unaccounted. Court noted that where tax rates are same, assessee gains no benefit from deferring receipt recognition. Net profit assessed at 3.5% on contractual receipts of Rs. 4,79,52,517, with declared profits accepted for sale receipts. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767661