https://www.taxtmi.com/caselaws?id=792760 After rejection of the books of account, income had to be estimated on a reasonable and rational basis using business nature, past history and comparable material, so the 10% net profit rate was found excessive and reduced to 6% of gross turnover. Separate additions under section 68 for sundry creditors could not survive without independent incriminating material once income was estimated on a best-judgment basis, and the unsecured loan addition also failed because identity, creditworthiness and genuineness were not established to the required extent. The profit-rate modification was therefore the only limited relief granted, while the section 68 deletions were sustained. en-us Tue, 19 May 2026 00:00:00 +0530 Wed, 03 Jun 2026 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792760 After rejection of the books of account, income had to be estimated on a reasonable and rational basis using business nature, past history and comparable material, so the 10% net profit rate was found excessive and reduced to 6% of gross turnover. Separate additions under section 68 for sundry creditors could not survive without independent incriminating material once income was estimated on a best-judgment basis, and the unsecured loan addition also failed because identity, creditworthiness and genuineness were not established to the required extent. The profit-rate modification was therefore the only limited relief granted, while the section 68 deletions were sustained. Case-Laws Income Tax Tue, 19 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792760