https://www.taxtmi.com/highlights?id=105055 Incomplete inventory and stock records, coupled with absent individual ledgers and trial balance, justify rejection of accounts where they cannot disclose true profits. Following valid rejection, net-profit estimation must rest on relevant material rather than ad hoc rates; net-profit rates declared or earned in the five immediately preceding years and special-audit results guide recomputation, with interest excluded from turnover or gross receipts and no further expense deduction. Interest on bank or financial-institution deposits and delayed customer instalments is taxable as Income from Other Sources where the taxpayer does not conduct money-lending, financing, banking, or similar activities, irrespective of the funds' source. en-us Fri, 16 Oct 2026 05:20:55 +0530 Fri, 16 Oct 2026 05:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105055 Incomplete inventory and stock records, coupled with absent individual ledgers and trial balance, justify rejection of accounts where they cannot disclose true profits. Following valid rejection, net-profit estimation must rest on relevant material rather than ad hoc rates; net-profit rates declared or earned in the five immediately preceding years and special-audit results guide recomputation, with interest excluded from turnover or gross receipts and no further expense deduction. Interest on bank or financial-institution deposits and delayed customer instalments is taxable as Income from Other Sources where the taxpayer does not conduct money-lending, financing, banking, or similar activities, irrespective of the funds' source. Highlights Income Tax Fri, 16 Oct 2026 05:20:55 +0530 https://www.taxtmi.com/highlights?id=105055