https://www.taxtmi.com/caselaws?id=768488 ITAT Patna upheld AO's rejection of books of accounts due to non-production of bills and vouchers but found the income estimation excessive. The tribunal reduced the net profit rate from 2% applied by AO to 0.75% on gross turnover, considering the assessee showed 0.31% (previous year 1.07%) without supporting documentation. The additional estimated income was reduced from Rs. 1,65,09,996 to Rs. 43,29,907 after allowing Rs. 29,78,146 as made by AO. Appeal was partly allowed with directions to recompute addition accordingly. en-us Fri, 04 Apr 2025 00:00:00 +0530 Tue, 08 Apr 2025 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768488 ITAT Patna upheld AO's rejection of books of accounts due to non-production of bills and vouchers but found the income estimation excessive. The tribunal reduced the net profit rate from 2% applied by AO to 0.75% on gross turnover, considering the assessee showed 0.31% (previous year 1.07%) without supporting documentation. The additional estimated income was reduced from Rs. 1,65,09,996 to Rs. 43,29,907 after allowing Rs. 29,78,146 as made by AO. Appeal was partly allowed with directions to recompute addition accordingly. Case-Laws Income Tax Fri, 04 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768488