https://www.taxtmi.com/caselaws?id=394677 The Tribunal upheld the reopening of the assessment under section 147 and issuance of notice under section 148 due to the assessee's failure to file a return within the statutory period, thus losing the right to challenge jurisdiction. Additionally, the Tribunal directed the AO to estimate the net profit at 5% of the total turnover, allowing set-off for the disclosed income, following the Gujarat High Court's decision in a similar case. en-us Mon, 10 Feb 2020 00:00:00 +0530 Tue, 21 Apr 2020 13:14:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394677 The Tribunal upheld the reopening of the assessment under section 147 and issuance of notice under section 148 due to the assessee's failure to file a return within the statutory period, thus losing the right to challenge jurisdiction. Additionally, the Tribunal directed the AO to estimate the net profit at 5% of the total turnover, allowing set-off for the disclosed income, following the Gujarat High Court's decision in a similar case. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394677