https://www.taxtmi.com/caselaws?id=467677 Rejection of books under section 145(3) was sustained because the assessee failed to satisfactorily prove the claimed expenses, justifying estimation of income. However, the earlier profit history and the higher declared net profit for the relevant year showed that an 8% estimate was excessive. Balancing the defects in the books against the available past results, the profit rate was reduced to 4%. en-us Mon, 17 Feb 2025 00:00:00 +0530 Sat, 28 Mar 2026 18:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467677 Rejection of books under section 145(3) was sustained because the assessee failed to satisfactorily prove the claimed expenses, justifying estimation of income. However, the earlier profit history and the higher declared net profit for the relevant year showed that an 8% estimate was excessive. Balancing the defects in the books against the available past results, the profit rate was reduced to 4%. Case-Laws Income Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467677