High Court and ITAT Overturn AO's Unsupported 25% Profit Estimate, Citing Lack of Evidence and Credible Material.

High Court and ITAT Overturn AO's Unsupported 25% Profit Estimate, Citing Lack of Evidence and Credible Material. https://www.taxtmi.com/highlights?id=54649 Estimation of income @ 25% - ITAT deleted the addition - We are at one with the Tribunal in taking the view that the AO wrongly determined the profit at the rate of 25%, without any basis or credible material. - HC en-us Mon, 07 Sep 2020 10:10:42 +0530 Mon, 07 Sep 2020 10:10:42 +0530 TaxTMI RSS Generator High Court and ITAT Overturn AO's Unsupported 25% Profit Estimate, Citing Lack of Evidence and Credible Material. https://www.taxtmi.com/highlights?id=54649 Estimation of income @ 25% - ITAT deleted the addition - We are at one with the Tribunal in taking the view that the AO wrongly determined the profit at the rate of 25%, without any basis or credible material. - HC Highlights Income Tax Mon, 07 Sep 2020 10:10:42 +0530 https://www.taxtmi.com/highlights?id=54649