https://www.taxtmi.com/caselaws?id=341600 The Tribunal partially allowed the appeal by directing the authorities to calculate the taxable net profit at around 6.0% of gross receipts, rejecting the Assessing Officer's determination of 8% profit as excessive. The rejection of books of account and estimation of profit at 8% of gross receipts were challenged by the appellant, with the Tribunal lowering the profit rate to approximately 6.0% based on evidence submitted. The CIT(A)'s reliance on Section 44AD for profit determination was contested by the appellant, but the Tribunal applied lower profit rates in line with previous court judgments. Concerns regarding deductions and allowances in profit estimation were addressed by the Tribunal, which considered precedents and directed the calculation of taxable net profit at approximately 6.0% of gross receipts. en-us Fri, 07 Apr 2017 00:00:00 +0530 Thu, 13 Apr 2017 07:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341600 The Tribunal partially allowed the appeal by directing the authorities to calculate the taxable net profit at around 6.0% of gross receipts, rejecting the Assessing Officer's determination of 8% profit as excessive. The rejection of books of account and estimation of profit at 8% of gross receipts were challenged by the appellant, with the Tribunal lowering the profit rate to approximately 6.0% based on evidence submitted. The CIT(A)'s reliance on Section 44AD for profit determination was contested by the appellant, but the Tribunal applied lower profit rates in line with previous court judgments. Concerns regarding deductions and allowances in profit estimation were addressed by the Tribunal, which considered precedents and directed the calculation of taxable net profit at approximately 6.0% of gross receipts. Case-Laws Income Tax Fri, 07 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341600