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 inadmissib

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