https://www.taxtmi.com/caselaws?id=341370 The Appellate Tribunal ITAT Hyderabad partly allowed the assessee's appeals for assessment years 2008-09, 2009-10, and 2010-11. The Tribunal modified the Commissioner of Income Tax (Appeals)'s orders by determining the net profit at 8% of sales turnover, rejecting the CIT(A)'s 15% estimation. This decision emphasized reliance on section 44AD for income estimation in the absence of maintained accounts and upheld consistency with past Co-ordinate Bench decisions. The judgment underscored the significance of accurate income estimation in intricate business contexts. en-us Fri, 21 Oct 2016 00:00:00 +0530 Fri, 07 Apr 2017 08:05:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341370 The Appellate Tribunal ITAT Hyderabad partly allowed the assessee's appeals for assessment years 2008-09, 2009-10, and 2010-11. The Tribunal modified the Commissioner of Income Tax (Appeals)'s orders by determining the net profit at 8% of sales turnover, rejecting the CIT(A)'s 15% estimation. This decision emphasized reliance on section 44AD for income estimation in the absence of maintained accounts and upheld consistency with past Co-ordinate Bench decisions. The judgment underscored the significance of accurate income estimation in intricate business contexts. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341370