https://www.taxtmi.com/caselaws?id=467683 Where books are rejected for non-production of primary records, profit estimation must be based on the assessee's past accepted results and available comparable material; on that basis, an 8% net profit estimate was not sustained and the returned profit was accepted. Transportation and hire receipts were treated as business receipts, interest on fixed deposits kept as contract security was held to have a direct business nexus and was taxed as business income, while interest on income-tax refund was treated as income from other sources. TDS credit was to be allowed after verification of the physical certificates and correlation with income offered to tax. en-us Fri, 16 Sep 2016 00:00:00 +0530 Mon, 30 Mar 2026 11:06:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467683 Where books are rejected for non-production of primary records, profit estimation must be based on the assessee's past accepted results and available comparable material; on that basis, an 8% net profit estimate was not sustained and the returned profit was accepted. Transportation and hire receipts were treated as business receipts, interest on fixed deposits kept as contract security was held to have a direct business nexus and was taxed as business income, while interest on income-tax refund was treated as income from other sources. TDS credit was to be allowed after verification of the physical certificates and correlation with income offered to tax. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467683