https://www.taxtmi.com/caselaws?id=189029 The Tribunal upheld the CIT(A)'s decision to estimate business income at an 8% net profit rate, rejecting AO's additions on advances, sales, and expenses under section 40(a)(ia). The Tribunal emphasized that the net profit rate eliminated the need for separate disallowances of expenses, as the profit element was already considered. The revenue's appeal was dismissed, confirming the CIT(A)'s order. en-us Fri, 20 Nov 2015 00:00:00 +0530 Mon, 26 Dec 2016 10:31:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189029 The Tribunal upheld the CIT(A)'s decision to estimate business income at an 8% net profit rate, rejecting AO's additions on advances, sales, and expenses under section 40(a)(ia). The Tribunal emphasized that the net profit rate eliminated the need for separate disallowances of expenses, as the profit element was already considered. The revenue's appeal was dismissed, confirming the CIT(A)'s order. Case-Laws Income Tax Fri, 20 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189029