https://www.taxtmi.com/caselaws?id=408446 The Tribunal upheld the estimation of income at 10% of gross receipts for a firm engaged in Real Estate Business, citing the lack of evidence to support a lower profit rate. It determined that the presumptive rate under section 44AD of the Act (8%) was appropriate due to the absence of specific data on profit rates for similar businesses. Additionally, the Tribunal decided to estimate the net taxable income at 18% of the turnover, deviating from both the Revenue's and the Ld. CIT (A)'s positions, based on the firm's significant gross turnover and lack of documentation. en-us Wed, 07 Apr 2021 00:00:00 +0530 Fri, 11 Jun 2021 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408446 The Tribunal upheld the estimation of income at 10% of gross receipts for a firm engaged in Real Estate Business, citing the lack of evidence to support a lower profit rate. It determined that the presumptive rate under section 44AD of the Act (8%) was appropriate due to the absence of specific data on profit rates for similar businesses. Additionally, the Tribunal decided to estimate the net taxable income at 18% of the turnover, deviating from both the Revenue's and the Ld. CIT (A)'s positions, based on the firm's significant gross turnover and lack of documentation. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408446