https://www.taxtmi.com/caselaws?id=365371 The Tribunal upheld the estimation of net profit at 10% by the Commissioner of Income Tax (Appeals), rejecting the Assessing Officer's 15% estimation. The Tribunal referred to past assessments where net profit was estimated at 9%, citing irregularities in financial transactions. Ultimately, the Tribunal decided to estimate net profit at 9% of total gross contract receipts for the current assessment year. The assessee's appeal was partially allowed, while the Revenue's appeal was dismissed. The judgment was delivered on August 8, 2018, affirming the 9% net profit estimation for the relevant assessment year. en-us Wed, 08 Aug 2018 00:00:00 +0530 Thu, 16 Aug 2018 07:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365371 The Tribunal upheld the estimation of net profit at 10% by the Commissioner of Income Tax (Appeals), rejecting the Assessing Officer's 15% estimation. The Tribunal referred to past assessments where net profit was estimated at 9%, citing irregularities in financial transactions. Ultimately, the Tribunal decided to estimate net profit at 9% of total gross contract receipts for the current assessment year. The assessee's appeal was partially allowed, while the Revenue's appeal was dismissed. The judgment was delivered on August 8, 2018, affirming the 9% net profit estimation for the relevant assessment year. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365371