https://www.taxtmi.com/caselaws?id=469970 Books of account were rejected for lack of supporting expenditure evidence, so business income from contract receipts was estimated; the Tribunal held 10% to be on the higher side and reduced the estimate to 8% on the facts. Additions for interest income, bank balances and peak credits were also disputed because some bank accounts were said to belong to the HUF; as the material required factual re-examination, these additions were set aside and remitted to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce evidence. The appeal succeeded only to that limited extent. en-us Wed, 12 Mar 2025 00:00:00 +0530 Fri, 10 Jul 2026 22:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469970 Books of account were rejected for lack of supporting expenditure evidence, so business income from contract receipts was estimated; the Tribunal held 10% to be on the higher side and reduced the estimate to 8% on the facts. Additions for interest income, bank balances and peak credits were also disputed because some bank accounts were said to belong to the HUF; as the material required factual re-examination, these additions were set aside and remitted to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce evidence. The appeal succeeded only to that limited extent. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469970