https://www.taxtmi.com/caselaws?id=770485 The SC reviewed a tax appeal under Section 260A of the Income Tax Act, 1961. The court upheld the Tribunal's decision to estimate income at 0.77% of turnover, rejecting the AO's initial 2% addition. The court found that non-compliance with Section 133(6) notices by some creditors cannot solely justify rejecting books of accounts. The appellant's offer of 0.77% net profit, made under protest during assessment, was deemed a valid basis for income estimation. The appeal was dismissed. en-us Tue, 06 May 2025 00:00:00 +0530 Mon, 12 May 2025 09:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770485 The SC reviewed a tax appeal under Section 260A of the Income Tax Act, 1961. The court upheld the Tribunal's decision to estimate income at 0.77% of turnover, rejecting the AO's initial 2% addition. The court found that non-compliance with Section 133(6) notices by some creditors cannot solely justify rejecting books of accounts. The appellant's offer of 0.77% net profit, made under protest during assessment, was deemed a valid basis for income estimation. The appeal was dismissed. Case-Laws Income Tax Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770485