https://www.taxtmi.com/caselaws?id=187418 The Appellate Tribunal dismissed cross appeals by the revenue and assessee against the CIT(A) order for A.Y. 2006-07, 2007-08, and 2008-09 concerning profit estimation based on purchase transactions. The Tribunal upheld the CIT(A)'s decision, rejecting the Assessing Officer's 15% disallowance and applying net profit rates of 2% for A.Y. 2006-07 and 2008-09, and 3% for A.Y. 2007-08. The judgment emphasized the reasonableness of the profit estimation and the lack of justification for the disallowance, concluding the case in favor of the assessee. en-us Fri, 11 Mar 2016 00:00:00 +0530 Thu, 20 Oct 2016 16:45:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187418 The Appellate Tribunal dismissed cross appeals by the revenue and assessee against the CIT(A) order for A.Y. 2006-07, 2007-08, and 2008-09 concerning profit estimation based on purchase transactions. The Tribunal upheld the CIT(A)'s decision, rejecting the Assessing Officer's 15% disallowance and applying net profit rates of 2% for A.Y. 2006-07 and 2008-09, and 3% for A.Y. 2007-08. The judgment emphasized the reasonableness of the profit estimation and the lack of justification for the disallowance, concluding the case in favor of the assessee. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187418