https://www.taxtmi.com/caselaws?id=62452 The ITAT upheld the estimation of profit at 12.5% for a contractor due to lack of maintained books of account, rejecting the appellant's argument for a lower rate. However, the ITAT ruled in favor of the appellant regarding the addition of unexplained income related to the initial investment in the business, deleting the Rs. 5,000 addition made by the authorities. en-us Thu, 27 Jul 1978 00:00:00 +0530 Wed, 19 Jan 2011 18:51:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62452 The ITAT upheld the estimation of profit at 12.5% for a contractor due to lack of maintained books of account, rejecting the appellant's argument for a lower rate. However, the ITAT ruled in favor of the appellant regarding the addition of unexplained income related to the initial investment in the business, deleting the Rs. 5,000 addition made by the authorities. Case-Laws Income Tax Thu, 27 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62452