https://www.taxtmi.com/caselaws?id=786115 Rejection of books of account under assessment led to estimation of income after AO concluded sales were inflated to suppress firm profit. The assessee failed to explain cash deposits in a bank as arising from business receipts, given sales were asserted to be received by account payee cheques; those deposits remained unexplained. Tribunal noted the taxpayer is a wholesale beer dealer with lower margins than liquor dealers and increased the disclosed net profit from 0.15% to 0.50% of turnover to address deficiencies. AO directed to recompute net profit and total income at 0.50%; appeal partly allowed. en-us Tue, 03 Feb 2026 00:00:00 +0530 Fri, 06 Feb 2026 09:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786115 Rejection of books of account under assessment led to estimation of income after AO concluded sales were inflated to suppress firm profit. The assessee failed to explain cash deposits in a bank as arising from business receipts, given sales were asserted to be received by account payee cheques; those deposits remained unexplained. Tribunal noted the taxpayer is a wholesale beer dealer with lower margins than liquor dealers and increased the disclosed net profit from 0.15% to 0.50% of turnover to address deficiencies. AO directed to recompute net profit and total income at 0.50%; appeal partly allowed. Case-Laws Income Tax Tue, 03 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786115