https://www.taxtmi.com/caselaws?id=368621 The Tribunal upheld the CIT(A)'s decision to compute income at a net profit rate of 3.5% of the turnover, rejecting the appellant's challenge regarding the justification for the rate. The Tribunal emphasized the importance of the Assessing Officer's personal knowledge and inquiry in estimating income, affirming the application of best judgment under section 144 of the Income Tax Act. The Tribunal dismissed the assessee's appeal, highlighting the fair exercise of discretion by the authorities and the consideration of historical performance in determining the income. en-us Tue, 09 Oct 2018 00:00:00 +0530 Thu, 11 Oct 2018 09:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368621 The Tribunal upheld the CIT(A)'s decision to compute income at a net profit rate of 3.5% of the turnover, rejecting the appellant's challenge regarding the justification for the rate. The Tribunal emphasized the importance of the Assessing Officer's personal knowledge and inquiry in estimating income, affirming the application of best judgment under section 144 of the Income Tax Act. The Tribunal dismissed the assessee's appeal, highlighting the fair exercise of discretion by the authorities and the consideration of historical performance in determining the income. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368621