https://www.taxtmi.com/caselaws?id=261151 The tribunal's judgment upheld the estimation of net profit at 8% of turnover for multiple assessment years, rejecting the 16% estimation by the CIT(A). Specific expenditures disallowed by the CIT(A) were deemed unnecessary once net profit was estimated. Penalties under sections 271(1)(c) and 271AAA were dismissed as premature. The tribunal also dismissed the charging of interest under sections 234A, 234B, and 234C. Retracted income admissions during searches were deleted due to lack of corroborative evidence. Disallowance under section 40(a)(ia) was deleted as net income was estimated. The assessee's appeals were partly allowed, and the Revenue's were dismissed. en-us Fri, 29 May 2015 00:00:00 +0530 Sat, 04 Jul 2015 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261151 The tribunal's judgment upheld the estimation of net profit at 8% of turnover for multiple assessment years, rejecting the 16% estimation by the CIT(A). Specific expenditures disallowed by the CIT(A) were deemed unnecessary once net profit was estimated. Penalties under sections 271(1)(c) and 271AAA were dismissed as premature. The tribunal also dismissed the charging of interest under sections 234A, 234B, and 234C. Retracted income admissions during searches were deleted due to lack of corroborative evidence. Disallowance under section 40(a)(ia) was deleted as net income was estimated. The assessee's appeals were partly allowed, and the Revenue's were dismissed. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261151