https://www.taxtmi.com/caselaws?id=367128 The Tribunal partly allowed the appeal, directing the Assessing Officer to apply a 5% net profit rate instead of 8%, providing relief to the assessee. The decision emphasized the importance of considering past trading results and comparable cases in estimating income, rejecting additions based on mere presumption and suspicion. The judgment highlighted the need for a fair and reasonable approach in confirming the estimation of income, ensuring it has a reasonable nexus to the material available on records and the circumstances of the case. en-us Tue, 04 Sep 2018 00:00:00 +0530 Sat, 15 Sep 2018 07:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367128 The Tribunal partly allowed the appeal, directing the Assessing Officer to apply a 5% net profit rate instead of 8%, providing relief to the assessee. The decision emphasized the importance of considering past trading results and comparable cases in estimating income, rejecting additions based on mere presumption and suspicion. The judgment highlighted the need for a fair and reasonable approach in confirming the estimation of income, ensuring it has a reasonable nexus to the material available on records and the circumstances of the case. Case-Laws Income Tax Tue, 04 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367128