https://www.taxtmi.com/caselaws?id=280261 The High Court upheld the ITAT's decision in a case involving revision under Section 263 of the Income Tax Act for the Assessment Year 2011-12. The Court found the Assessing Officer's approach in estimating business income at 8% of gross receipts to be justified, considering the Assessee's inability to produce relevant documents. It was determined that the AO's actions were reasonable, and the Court dismissed the Revenue's appeal, ruling in favor of the Assessee with no order as to costs. en-us Fri, 21 Apr 2017 00:00:00 +0530 Sat, 27 Apr 2019 06:36:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280261 The High Court upheld the ITAT's decision in a case involving revision under Section 263 of the Income Tax Act for the Assessment Year 2011-12. The Court found the Assessing Officer's approach in estimating business income at 8% of gross receipts to be justified, considering the Assessee's inability to produce relevant documents. It was determined that the AO's actions were reasonable, and the Court dismissed the Revenue's appeal, ruling in favor of the Assessee with no order as to costs. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280261