https://www.taxtmi.com/caselaws?id=192707 The Tribunal upheld the CIT(A)'s profit estimation at 8% of gross receipts for a Private Limited Company engaged in civil contracts, despite rejecting the books of account. The Revenue's appeal against the estimation and disallowance of certain purchases as bogus was dismissed due to historical low profits, lack of verification of expenses, and acceptance of previous profit declarations. The judgment was pronounced on 18/05/2016. en-us Wed, 18 May 2016 00:00:00 +0530 Wed, 14 Jun 2017 10:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192707 The Tribunal upheld the CIT(A)'s profit estimation at 8% of gross receipts for a Private Limited Company engaged in civil contracts, despite rejecting the books of account. The Revenue's appeal against the estimation and disallowance of certain purchases as bogus was dismissed due to historical low profits, lack of verification of expenses, and acceptance of previous profit declarations. The judgment was pronounced on 18/05/2016. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192707