https://www.taxtmi.com/caselaws?id=411237 The ITAT upheld the estimation of income at 12.5% on main contracts and 5% on sub contracts before deductions for Assessment Year 2008-09 and 2012-13. The assessee's request for a reduction to 11% was denied, with the Tribunal emphasizing the importance of proper documentation and accounting practices. The ITAT dismissed the assessee's Miscellaneous Applications, citing the limited scope of rectification under section 254(2) and the absence of errors in the original order. The judgment reaffirmed the decision to estimate income at 12.5% based on the lack of supporting documentation and discrepancies in the assessee's submissions. en-us Wed, 18 Aug 2021 00:00:00 +0530 Thu, 19 Aug 2021 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411237 The ITAT upheld the estimation of income at 12.5% on main contracts and 5% on sub contracts before deductions for Assessment Year 2008-09 and 2012-13. The assessee's request for a reduction to 11% was denied, with the Tribunal emphasizing the importance of proper documentation and accounting practices. The ITAT dismissed the assessee's Miscellaneous Applications, citing the limited scope of rectification under section 254(2) and the absence of errors in the original order. The judgment reaffirmed the decision to estimate income at 12.5% based on the lack of supporting documentation and discrepancies in the assessee's submissions. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411237