https://www.taxtmi.com/caselaws?id=219703 The Tribunal upheld the Commissioner of Income Tax's jurisdiction under section 263 but deemed the direction to estimate profit at 8% on gross receipts unjustified. The AO was directed to thoroughly investigate the claim of the assessee regarding recoveries made from gross receipts and allow deductions accordingly. The order was set aside, and the appeal was allowed for statistical purposes. en-us Fri, 08 Jun 2012 00:00:00 +0530 Mon, 17 Dec 2012 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219703 The Tribunal upheld the Commissioner of Income Tax's jurisdiction under section 263 but deemed the direction to estimate profit at 8% on gross receipts unjustified. The AO was directed to thoroughly investigate the claim of the assessee regarding recoveries made from gross receipts and allow deductions accordingly. The order was set aside, and the appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219703