https://www.taxtmi.com/caselaws?id=294703 The case involved the reopening of assessment under section 148 of the Income Tax Act, 1961 for the assessment year 2009-10. The Assessing Officer estimated the income at 6% of contract receipts, which was challenged by the assessee. The CIT(A) directed the income to be estimated at 2% on gross receipts instead of 6%. The revenue appealed against this decision, but the ITAT upheld the CIT(A) order, emphasizing the importance of consistency in estimating income and profit rates without major deviations in the business model. en-us Wed, 31 Jul 2019 00:00:00 +0530 Thu, 29 Apr 2021 10:16:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294703 The case involved the reopening of assessment under section 148 of the Income Tax Act, 1961 for the assessment year 2009-10. The Assessing Officer estimated the income at 6% of contract receipts, which was challenged by the assessee. The CIT(A) directed the income to be estimated at 2% on gross receipts instead of 6%. The revenue appealed against this decision, but the ITAT upheld the CIT(A) order, emphasizing the importance of consistency in estimating income and profit rates without major deviations in the business model. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294703