https://www.taxtmi.com/caselaws?id=277855 The High Court ruled in favor of the assessee, dismissing the Appeals challenging the Income Tax Appellate Tribunal's decision for the Assessment Years 2007-08 and 2006-07. The Court found the Tribunal's estimation of income at 7.5% of gross receipts to be reasonable, considering the integral nature of godown rentals in the business. It held that the AO's method of estimation was acceptable, and the invocation of Section 263 by the Commissioner of Income Tax was unwarranted unless there was a clear error in the assessment order. The Court emphasized the importance of considering all relevant factors before estimating income. en-us Wed, 08 Nov 2017 00:00:00 +0530 Thu, 27 Dec 2018 06:29:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277855 The High Court ruled in favor of the assessee, dismissing the Appeals challenging the Income Tax Appellate Tribunal's decision for the Assessment Years 2007-08 and 2006-07. The Court found the Tribunal's estimation of income at 7.5% of gross receipts to be reasonable, considering the integral nature of godown rentals in the business. It held that the AO's method of estimation was acceptable, and the invocation of Section 263 by the Commissioner of Income Tax was unwarranted unless there was a clear error in the assessment order. The Court emphasized the importance of considering all relevant factors before estimating income. Case-Laws Income Tax Wed, 08 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277855