https://www.taxtmi.com/caselaws?id=357245 The Income Tax Appellate Tribunal (ITAT) Kolkata partially allowed the appeal of a Partnership Firm engaged in civil construction services. The ITAT reduced the profit percentage estimation from 6% to 5.77% of the gross turnover, aligning with the preceding assessment year. The ITAT considered the decrease in turnover, improved returned income percentage, and lack of justification for the higher profit percentage by the Assessing Officer. This decision overturned the Commissioner of Income Tax (Appeals) order, providing relief to the assessee by reducing the additional income added by the AO. en-us Fri, 16 Mar 2018 00:00:00 +0530 Tue, 20 Mar 2018 08:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357245 The Income Tax Appellate Tribunal (ITAT) Kolkata partially allowed the appeal of a Partnership Firm engaged in civil construction services. The ITAT reduced the profit percentage estimation from 6% to 5.77% of the gross turnover, aligning with the preceding assessment year. The ITAT considered the decrease in turnover, improved returned income percentage, and lack of justification for the higher profit percentage by the Assessing Officer. This decision overturned the Commissioner of Income Tax (Appeals) order, providing relief to the assessee by reducing the additional income added by the AO. Case-Laws Income Tax Fri, 16 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357245