https://www.taxtmi.com/caselaws?id=784365 The dominant issues were (i) the proper profit estimation on suppressed cash receipts evidenced by seized loose sheets, and (ii) the legality of rejecting audited books and estimating higher profit on disclosed turnover under s.145(3). On suppressed turnover, the ITAT held the AO's 18% rate and the CIT(A)'s 15% rate were unsupported; the AO was directed to accept the suppressed turnover and the profit computation made by the assessee based on the seized material, allowing the assessee's appeal and rejecting the Revenue's grounds on this issue. On disclosed turnover, the ITAT held mere presumptions about unaccounted transactions, without specific defects or show-cause, did not justify rejecting audited books or applying 14% instead of the declared 8%; deletion of the addition was upheld and the Revenue's appeal was dismissed. en-us Wed, 20 Aug 2025 00:00:00 +0530 Sat, 03 Jan 2026 08:03:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784365 The dominant issues were (i) the proper profit estimation on suppressed cash receipts evidenced by seized loose sheets, and (ii) the legality of rejecting audited books and estimating higher profit on disclosed turnover under s.145(3). On suppressed turnover, the ITAT held the AO's 18% rate and the CIT(A)'s 15% rate were unsupported; the AO was directed to accept the suppressed turnover and the profit computation made by the assessee based on the seized material, allowing the assessee's appeal and rejecting the Revenue's grounds on this issue. On disclosed turnover, the ITAT held mere presumptions about unaccounted transactions, without specific defects or show-cause, did not justify rejecting audited books or applying 14% instead of the declared 8%; deletion of the addition was upheld and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 20 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784365