https://www.taxtmi.com/caselaws?id=238205 The Court upheld the 20% income estimation from gross receipts for a Company engaged in construction and sale of residential apartments, despite the Company's arguments of lack of experience, improper planning, and losses incurred. The Court rejected justifications for not filing returns based on inexperience and sustaining losses, emphasizing that ignorance of the law does not excuse non-compliance. Additionally, the Court found that the Company's activities did not fall under Section 44-AD of the Income Tax Act, supporting the 20% income estimation due to the Company's failure to file returns despite evidence of income. en-us Mon, 30 Sep 2013 00:00:00 +0530 Fri, 18 Oct 2013 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238205 The Court upheld the 20% income estimation from gross receipts for a Company engaged in construction and sale of residential apartments, despite the Company's arguments of lack of experience, improper planning, and losses incurred. The Court rejected justifications for not filing returns based on inexperience and sustaining losses, emphasizing that ignorance of the law does not excuse non-compliance. Additionally, the Court found that the Company's activities did not fall under Section 44-AD of the Income Tax Act, supporting the 20% income estimation due to the Company's failure to file returns despite evidence of income. Case-Laws Income Tax Mon, 30 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238205