https://www.taxtmi.com/caselaws?id=403187 The Tribunal allowed the appeal, emphasizing the importance of estimating income based on reasonable criteria. It supported the assessee's offered 2% NP rate over the Assessing Officer's arbitrary 5% NP rate, finding the latter unjustified. The Tribunal highlighted that rejection of book results should lead to estimation based on past history or prevailing NP in the trade, rather than an arbitrary rate. Consequently, the addition made by the Assessing Officer was deleted. en-us Wed, 13 Jan 2021 00:00:00 +0530 Thu, 21 Jan 2021 09:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403187 The Tribunal allowed the appeal, emphasizing the importance of estimating income based on reasonable criteria. It supported the assessee's offered 2% NP rate over the Assessing Officer's arbitrary 5% NP rate, finding the latter unjustified. The Tribunal highlighted that rejection of book results should lead to estimation based on past history or prevailing NP in the trade, rather than an arbitrary rate. Consequently, the addition made by the Assessing Officer was deleted. Case-Laws Income Tax Wed, 13 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403187