https://www.taxtmi.com/caselaws?id=247460 The Tribunal modified the lower authorities' order by directing the Assessing Officer to estimate income based on the average net profit rate of previous years, rejecting the sole reliance on gross profit for income estimation. Additionally, the Tribunal partly allowed the appeal regarding entitlement for deductions under sections 80C and 80D of the Income-tax Act, 1961, instructing the assessee to provide necessary details to support the claim for these deductions. The appeal was pronounced partly in favor of the assessee on 29th April 2014. en-us Tue, 29 Apr 2014 00:00:00 +0530 Tue, 13 May 2014 09:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247460 The Tribunal modified the lower authorities' order by directing the Assessing Officer to estimate income based on the average net profit rate of previous years, rejecting the sole reliance on gross profit for income estimation. Additionally, the Tribunal partly allowed the appeal regarding entitlement for deductions under sections 80C and 80D of the Income-tax Act, 1961, instructing the assessee to provide necessary details to support the claim for these deductions. The appeal was pronounced partly in favor of the assessee on 29th April 2014. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247460