1992 (1) TMI 174 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur upheld the order of the Dy. CIT(A) in a case involving an LIC agent. The Revenue's appeal was dismissed as the ITO's rejection of the assessee's books without specific defects was deemed unjustified. The Tribunal found that the income should be assessed based on the books of account maintained by the assessee unless there are valid reasons to reject them. The Tribunal also noted that flat deductions for expenses apply only when no accounts are maintained. (Case Citation: 1992 (1) TMI 174 - ITAT Jaipur)