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Rejection of Books Upheld but Profit Estimation Reduced to 5% – Self-Made Vouchers Expense Defects Not Fully Reliable – ITAT Hyderabad
Case Law Details
- Case Name
- Guhana Educational Society Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Guhana Educational Society Vs ITO (ITAT Hyderabad)
Rejection of Books Upheld but Profit Estimation Reduced to 5% – Self-Made Vouchers Expense Defects Not Fully Reliable – ITAT Hyderabad
The assessee-society challenged rejection of books and estimation of income at 8% of gross receipts. ITAT observed that though accounts were audited, several discrepancies existed such as heavy reliance on self-made vouchers, inconsistent signatures, unsupported celebration and travel expenses, and inadmissible traffic penalty payments. The Tribunal noted from the ledger extracts and vouchers that some expl...
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