https://www.taxtmi.com/caselaws?id=470944 Rejection of books of account is sustainable where a civil contractor fails to produce material bills, vouchers and supporting details despite repeated opportunities. Net profit may then be estimated at 8% of turnover by reference to the presumptive-profit benchmark, particularly where no evidence supports a lower rate claimed from an earlier year. Interest income not arising from contract receipts does not form part of turnover-based estimated business income and remains separately taxable. The business income is therefore determined at the estimated net-profit rate, with non-contractual interest assessed independently. en-us Mon, 17 Jun 2013 00:00:00 +0530 Fri, 14 Aug 2026 11:51:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470944 Rejection of books of account is sustainable where a civil contractor fails to produce material bills, vouchers and supporting details despite repeated opportunities. Net profit may then be estimated at 8% of turnover by reference to the presumptive-profit benchmark, particularly where no evidence supports a lower rate claimed from an earlier year. Interest income not arising from contract receipts does not form part of turnover-based estimated business income and remains separately taxable. The business income is therefore determined at the estimated net-profit rate, with non-contractual interest assessed independently. Case-Laws Income Tax Mon, 17 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470944