https://www.taxtmi.com/caselaws?id=239189 The Tribunal upheld the CIT (A)'s decision to adopt a 25% net profit rate on the total turnover, finding the assessee's declared profit too low and the AO's estimation too high. The Tribunal supported the CIT (A)'s reasoning based on seized materials and lack of proper accounts. The Revenue's appeal challenging the net profit rate was dismissed, with the Tribunal affirming the balanced approach taken by the CIT (A). The issue of interest levied under sections 234A, 234B, and 234C was acknowledged by the assessee, who was advised to rectify computation errors. Both appeals were dismissed, and the order was issued on 30th August 2013. en-us Fri, 30 Aug 2013 00:00:00 +0530 Fri, 08 Nov 2013 07:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239189 The Tribunal upheld the CIT (A)'s decision to adopt a 25% net profit rate on the total turnover, finding the assessee's declared profit too low and the AO's estimation too high. The Tribunal supported the CIT (A)'s reasoning based on seized materials and lack of proper accounts. The Revenue's appeal challenging the net profit rate was dismissed, with the Tribunal affirming the balanced approach taken by the CIT (A). The issue of interest levied under sections 234A, 234B, and 234C was acknowledged by the assessee, who was advised to rectify computation errors. Both appeals were dismissed, and the order was issued on 30th August 2013. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239189