https://www.taxtmi.com/caselaws?id=768117 ITAT Chennai rejected books of accounts due to assessee's failure to provide supporting evidence for claimed expenditures during assessment and appellate proceedings. AO estimated profit at 8% of commission income, but ITAT reduced this to 3% of turnover (Rs. 16,13,065) considering assessee's losses in previous and subsequent years (2017-18 and 2019-20). ITAT directed AO to verify carry forward losses and allow set-off if returns were filed within prescribed due dates. Appeal was partly allowed with profit estimation reduced from 8% to 3% of turnover. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 08:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768117 ITAT Chennai rejected books of accounts due to assessee's failure to provide supporting evidence for claimed expenditures during assessment and appellate proceedings. AO estimated profit at 8% of commission income, but ITAT reduced this to 3% of turnover (Rs. 16,13,065) considering assessee's losses in previous and subsequent years (2017-18 and 2019-20). ITAT directed AO to verify carry forward losses and allow set-off if returns were filed within prescribed due dates. Appeal was partly allowed with profit estimation reduced from 8% to 3% of turnover. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768117