https://www.taxtmi.com/caselaws?id=404299 The Tribunal partially allowed the appeal by the assessee, modifying the net profit rate to 1% of gross receipts from the initially estimated 1.5% by the CIT(A), aligning it with historical trends and ensuring fairness in the assessment. The rejection of books of accounts by the Assessing Officer was deemed unsustainable without specifying defects, and the Tribunal considered the past history of gross commission percentages below 1% over three years in adjusting the net profit rate. The appeal filed by the assessee was partly allowed, providing relief in the assessment for the relevant year. en-us Tue, 16 Feb 2021 00:00:00 +0530 Sat, 20 Feb 2021 09:08:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404299 The Tribunal partially allowed the appeal by the assessee, modifying the net profit rate to 1% of gross receipts from the initially estimated 1.5% by the CIT(A), aligning it with historical trends and ensuring fairness in the assessment. The rejection of books of accounts by the Assessing Officer was deemed unsustainable without specifying defects, and the Tribunal considered the past history of gross commission percentages below 1% over three years in adjusting the net profit rate. The appeal filed by the assessee was partly allowed, providing relief in the assessment for the relevant year. Case-Laws Income Tax Tue, 16 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404299