https://www.taxtmi.com/caselaws?id=361909 The ITAT Hyderabad directed the AO to estimate the income of an individual engaged in retail trading of IMFL for A.Y. 2014-15 at 3% of goods put to sale, overturning the CIT (A) and AO's decision to use 5% of purchases. The case emphasizes the importance of maintaining proper books of account for income tax assessments and the use of relevant precedents in tax appeals. The judgment underscores consistency in applying reasonable estimation methods for income determination in retail trading cases, promoting fair and consistent tax assessments based on past decisions. en-us Wed, 23 May 2018 00:00:00 +0530 Fri, 15 Jun 2018 22:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361909 The ITAT Hyderabad directed the AO to estimate the income of an individual engaged in retail trading of IMFL for A.Y. 2014-15 at 3% of goods put to sale, overturning the CIT (A) and AO's decision to use 5% of purchases. The case emphasizes the importance of maintaining proper books of account for income tax assessments and the use of relevant precedents in tax appeals. The judgment underscores consistency in applying reasonable estimation methods for income determination in retail trading cases, promoting fair and consistent tax assessments based on past decisions. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361909