https://www.taxtmi.com/caselaws?id=278123 The Tribunal upheld the Ld. CIT(A)'s decision in a case where the Revenue Department challenged the estimation of income and rate of profit by the Assessing Officer. The Tribunal supported the application of a 7% net profit rate instead of the 8% estimated by the Assessing Officer, considering the nature of the assessee's business in remote areas with low profit margins. Additionally, the deletion of the addition made by the Assessing Officer on account of suppression of receipts was upheld, as the net profit rate already factored in the undisclosed receipts. The Tribunal dismissed the Revenue Department's appeal, affirming the Ld. CIT(A)'s order. en-us Thu, 22 Feb 2018 00:00:00 +0530 Fri, 11 Jan 2019 06:10:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278123 The Tribunal upheld the Ld. CIT(A)'s decision in a case where the Revenue Department challenged the estimation of income and rate of profit by the Assessing Officer. The Tribunal supported the application of a 7% net profit rate instead of the 8% estimated by the Assessing Officer, considering the nature of the assessee's business in remote areas with low profit margins. Additionally, the deletion of the addition made by the Assessing Officer on account of suppression of receipts was upheld, as the net profit rate already factored in the undisclosed receipts. The Tribunal dismissed the Revenue Department's appeal, affirming the Ld. CIT(A)'s order. Case-Laws Income Tax Thu, 22 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278123