Day: June 20, 2016

FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held by another ITAT reported in ABCAUS 951 (2016) (06) ITAT, it has been held by ITAT that where the books of accounts were rejected and profits were estimated applying 10%  net …