Income recorded on estimated basis supported with possible evidence is acceptable

Anupama Chandrakandath Vs ACIT (ITAT Cochin) ITAT Cochin held that agricultural income recorded on estimated basis needs to accepted as it was supported by all the possible evidence for estimating income. Revenue has not brought anything on record to show the income estimated and the percentage of expense claimed is not correct. Facts- The case of the assessee was selected for scrutiny under CASS and the notice u/s.143(2) was duly served on the assessee. During the course of assessment proceedings, AO noticed that the assessee has only estimated the agricultural income and accordingly called f...