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2017 (9) TMI 1747 - ITAT HYDERABADEstimation of income arising out of sale of stock - assessee is a liquor dealer running wine shops - Held that:- It is well settled that while estimating the income, in the absence of complete details, on account of rejection of books of account and non-furnishing of good and sufficient reasons, there is bound to be some amount of guess work on the part of A.O. and unless same is found to be arbitrary and illogical, the appellate authority should avoid substitution of their opinion to that of the Assessing Officer. Thus on a conspectus of the matter the estimate of income at 5% is reasonable. - decided against assessee
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