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2018 (4) TMI 1611 - AT - Income TaxRejection of books of accounts - Estimation of income at 5% on the liquor put to sale - Held that:- As relying on BADRI SRINIVAS, BAKKASHETTY LAXMAN, NARALA SATYANARAYANA, RAJENDRA PRASAD SALLA, VERSUS ITO, [2018 (2) TMI 1775 - ITAT HYDERABAD] we are of the opinion that estimation of income @ 3% would be reasonable on the facts of the case. However, AO is directed to keep in mind that the estimated income does not fall less than the profit declared by assessee, in which case the profit declared by assessee should be accepted. Subject to above direction, AO is directed to estimate the profit @ 3% of the cost of stock put to sale and re-determine the total income, accordingly. - Decided partly in favour of assessee.
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