https://www.taxtmi.com/caselaws?id=189996 The court found that the Assessing Officer's justification for a 10% net profit estimate lacked substantial evidence and was arbitrary. Previous assessment years and similar cases with lower profit rates were not adequately considered. Emphasizing the need for rational and reasonable best judgment assessments, the court ruled in favor of the assessee, deeming the authorities' findings as perverse. The appeal was allowed, and the matter was remanded to the Tribunal for reconsideration in line with the court's guidance. en-us Thu, 28 Apr 2016 00:00:00 +0530 Mon, 30 Jan 2017 20:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189996 The court found that the Assessing Officer's justification for a 10% net profit estimate lacked substantial evidence and was arbitrary. Previous assessment years and similar cases with lower profit rates were not adequately considered. Emphasizing the need for rational and reasonable best judgment assessments, the court ruled in favor of the assessee, deeming the authorities' findings as perverse. The appeal was allowed, and the matter was remanded to the Tribunal for reconsideration in line with the court's guidance. Case-Laws Income Tax Thu, 28 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189996