https://www.taxtmi.com/caselaws?id=243720 The case involved disputes over the estimation of income at 8% on gross receipts by the CIT(A) instead of the 12% admitted by the assessee. The Revenue challenged this decision, arguing for the 12% profit estimation based on industry standards and the assessee's admission. However, the CIT(A) justified the lower estimation citing the unreliability of the assessee's accounts and industry norms. The Tribunal upheld the CIT(A)'s decision, emphasizing the need for a case-specific approach in determining profit percentages. The Revenue's appeal was ultimately dismissed, affirming the estimation of profit at 8% on gross receipts. en-us Wed, 05 Feb 2014 00:00:00 +0530 Sat, 08 Feb 2014 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243720 The case involved disputes over the estimation of income at 8% on gross receipts by the CIT(A) instead of the 12% admitted by the assessee. The Revenue challenged this decision, arguing for the 12% profit estimation based on industry standards and the assessee's admission. However, the CIT(A) justified the lower estimation citing the unreliability of the assessee's accounts and industry norms. The Tribunal upheld the CIT(A)'s decision, emphasizing the need for a case-specific approach in determining profit percentages. The Revenue's appeal was ultimately dismissed, affirming the estimation of profit at 8% on gross receipts. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243720