https://www.taxtmi.com/caselaws?id=343185 The ITAT Chandigarh dismissed the Revenue's appeal, upholding the ld. CIT(A)'s decision to restrict the gross profit rate to 4% instead of the 30% applied by the Assessing Officer. The ITAT emphasized the importance of making a fair income estimate and cited the decision in Kachwala Gems V JCIT. Additionally, the ITAT upheld the rejection of books of account due to lack of proper records and directed a fair income estimation process, rejecting the departmental appeal and partly allowing the assessee's Cross Objection. en-us Thu, 18 May 2017 00:00:00 +0530 Sat, 20 May 2017 09:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343185 The ITAT Chandigarh dismissed the Revenue's appeal, upholding the ld. CIT(A)'s decision to restrict the gross profit rate to 4% instead of the 30% applied by the Assessing Officer. The ITAT emphasized the importance of making a fair income estimate and cited the decision in Kachwala Gems V JCIT. Additionally, the ITAT upheld the rejection of books of account due to lack of proper records and directed a fair income estimation process, rejecting the departmental appeal and partly allowing the assessee's Cross Objection. Case-Laws Income Tax Thu, 18 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343185