https://www.taxtmi.com/caselaws?id=395752 The Tribunal revised profit estimations for different assessment years due to lack of precise quantification of inflated expenses, replacing item-wise additions by the AO. For A.Y. 2006-07, the profit rate was adjusted from 10% to 8%. For A.Y. 2007-08, the 10% profit estimation was upheld, with specific disallowances remanded for fresh adjudication. Additionally, disclosed income for A.Y. 2008-09 was included, applying an additional profit rate of 0.51%. The Tribunal emphasized reasonable profit estimation and remanded certain disallowances for further review. en-us Fri, 28 Feb 2020 00:00:00 +0530 Thu, 04 Jun 2020 20:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395752 The Tribunal revised profit estimations for different assessment years due to lack of precise quantification of inflated expenses, replacing item-wise additions by the AO. For A.Y. 2006-07, the profit rate was adjusted from 10% to 8%. For A.Y. 2007-08, the 10% profit estimation was upheld, with specific disallowances remanded for fresh adjudication. Additionally, disclosed income for A.Y. 2008-09 was included, applying an additional profit rate of 0.51%. The Tribunal emphasized reasonable profit estimation and remanded certain disallowances for further review. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395752