Rejection of Books Upheld but Profit Estimation Reduced to 5% – Self-Made Vouchers Expense Defects Not Fully Reliable – ITAT Hyderabad

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...