https://www.taxtmi.com/caselaws?id=62866 The CIT(Appeals) directed the ITO to accept the income as shown by the assessee, rejecting the higher estimate of Rs. 1,50,000 and upholding the reported income of Rs. 62,100. The disagreement between the parties centered on the reasonableness of the income estimate, with the CIT(Appeals) considering past records and gross profit rates to support the acceptance of the reported income. The judgment emphasized the importance of proper basis and guidelines in estimating income for contractors, ultimately siding with the assessee based on past history and reasonable profit rates. en-us Wed, 10 Oct 1990 00:00:00 +0530 Sat, 22 Jan 2011 12:49:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62866 The CIT(Appeals) directed the ITO to accept the income as shown by the assessee, rejecting the higher estimate of Rs. 1,50,000 and upholding the reported income of Rs. 62,100. The disagreement between the parties centered on the reasonableness of the income estimate, with the CIT(Appeals) considering past records and gross profit rates to support the acceptance of the reported income. The judgment emphasized the importance of proper basis and guidelines in estimating income for contractors, ultimately siding with the assessee based on past history and reasonable profit rates. Case-Laws Income Tax Wed, 10 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62866