https://www.taxtmi.com/caselaws?id=344280 The Tribunal allowed the appeal partly, directing the Assessing Officer to compute the assessee's income at 8% of the turnover/gross receipts in accordance with Section 44AD of the Income Tax Act. The Tribunal emphasized the assessee's right to challenge the assessment order despite giving consent during the assessment process, particularly when penalty proceedings were initiated against the conditions agreed upon. The excessive estimation of income at 12.5% was deemed unreasonable, and the Tribunal considered 8% as a more appropriate rate for assessment. en-us Fri, 09 Jun 2017 00:00:00 +0530 Wed, 14 Jun 2017 08:11:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344280 The Tribunal allowed the appeal partly, directing the Assessing Officer to compute the assessee's income at 8% of the turnover/gross receipts in accordance with Section 44AD of the Income Tax Act. The Tribunal emphasized the assessee's right to challenge the assessment order despite giving consent during the assessment process, particularly when penalty proceedings were initiated against the conditions agreed upon. The excessive estimation of income at 12.5% was deemed unreasonable, and the Tribunal considered 8% as a more appropriate rate for assessment. Case-Laws Income Tax Fri, 09 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344280