https://www.taxtmi.com/caselaws?id=472323 Rejection of books permits reasonable estimation of business income from turnover; where comparable preceding-year facts support it, a 5% net-profit rate applies rather than 3% or 20%. Unrecorded flat sales and admitted cash or on-money receipts form part of turnover and are taxable only at that rate, not in full. Separate additions for bank deposits representing turnover, and expenditure disallowance based on entries in rejected books, duplicate estimated income and are precluded. A stamp-duty valuation addition remains sustainable where limited below-value sales, comparable transactions and no valuation request do not justify a reference to the Valuation Officer. en-us Mon, 21 Apr 2025 00:00:00 +0530 Thu, 08 Oct 2026 08:44:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472323 Rejection of books permits reasonable estimation of business income from turnover; where comparable preceding-year facts support it, a 5% net-profit rate applies rather than 3% or 20%. Unrecorded flat sales and admitted cash or on-money receipts form part of turnover and are taxable only at that rate, not in full. Separate additions for bank deposits representing turnover, and expenditure disallowance based on entries in rejected books, duplicate estimated income and are precluded. A stamp-duty valuation addition remains sustainable where limited below-value sales, comparable transactions and no valuation request do not justify a reference to the Valuation Officer. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472323