https://www.taxtmi.com/caselaws?id=58101 The Appellate Tribunal ITAT BOMBAY-A allowed the appeal in part, reducing the estimated income from the financing business to 12.5% of the capital employed, amounting to Rs. 85,000. Despite the assessee's objection to the higher profit rate of 15%, citing a historical rate of 10%, the Tribunal considered the lack of proper accounting records and prevailing interest rates in its decision. The Tribunal's adjustment reflected a compromise between the parties' positions, acknowledging the challenges posed by inadequate documentation while ensuring a fair estimation of income. en-us Sat, 30 Oct 1976 00:00:00 +0530 Fri, 17 Dec 2010 13:21:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58101 The Appellate Tribunal ITAT BOMBAY-A allowed the appeal in part, reducing the estimated income from the financing business to 12.5% of the capital employed, amounting to Rs. 85,000. Despite the assessee's objection to the higher profit rate of 15%, citing a historical rate of 10%, the Tribunal considered the lack of proper accounting records and prevailing interest rates in its decision. The Tribunal's adjustment reflected a compromise between the parties' positions, acknowledging the challenges posed by inadequate documentation while ensuring a fair estimation of income. Case-Laws Income Tax Sat, 30 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58101