https://www.taxtmi.com/caselaws?id=358219 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to estimate the net profit based on comparable cases for an assessee in the business of lottery tickets due to failure to produce necessary documents. The ITAT directed the Assessing Officer (AO) to consider financial history and comparable cases for a fair estimation. The ITAT restored the issue of bulk agency bonus to the AO for fresh adjudication based on additional evidence submitted by the assessee. The addition under Section 40A(3) was deleted following a precedent in the assessee's own case. en-us Wed, 04 Apr 2018 00:00:00 +0530 Sat, 07 Apr 2018 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358219 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to estimate the net profit based on comparable cases for an assessee in the business of lottery tickets due to failure to produce necessary documents. The ITAT directed the Assessing Officer (AO) to consider financial history and comparable cases for a fair estimation. The ITAT restored the issue of bulk agency bonus to the AO for fresh adjudication based on additional evidence submitted by the assessee. The addition under Section 40A(3) was deleted following a precedent in the assessee's own case. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358219