https://www.taxtmi.com/caselaws?id=332954 The Revenue's appeal challenging the ad-hoc estimation of profits from a construction project for the assessment year 2006-07 was dismissed by the Tribunal. The CIT(A)'s decision to set aside the 8% profit estimation based on advances received was upheld, emphasizing the incomplete status of the project, unresolved litigations, and uncertainties affecting profit calculation. The Tribunal emphasized the need for a rational basis in income estimation, rejected the ad-hoc approach, and underscored the importance of considering project-specific circumstances for determining taxable income. en-us Fri, 19 Aug 2016 00:00:00 +0530 Fri, 30 Sep 2016 06:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332954 The Revenue's appeal challenging the ad-hoc estimation of profits from a construction project for the assessment year 2006-07 was dismissed by the Tribunal. The CIT(A)'s decision to set aside the 8% profit estimation based on advances received was upheld, emphasizing the incomplete status of the project, unresolved litigations, and uncertainties affecting profit calculation. The Tribunal emphasized the need for a rational basis in income estimation, rejected the ad-hoc approach, and underscored the importance of considering project-specific circumstances for determining taxable income. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332954