https://www.taxtmi.com/caselaws?id=412185 The Tribunal upheld the CIT(A)'s decision to estimate income at 5% of the turnover, emphasizing the rebuttable nature of presumptions under section 292C of the IT Act. The Tribunal considered previous judgments, applying a profit rate of 2% for unaccounted sales in a Supari business case. The assessment was based on seized documents and turnover estimation, with the Tribunal highlighting the assessee's right to challenge presumptions. The appeal centered on interpreting section 292C and Sec. 69B provisions, ultimately affirming the CIT(A)'s approach in determining undisclosed income. en-us Fri, 03 Sep 2021 00:00:00 +0530 Mon, 13 Sep 2021 09:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412185 The Tribunal upheld the CIT(A)'s decision to estimate income at 5% of the turnover, emphasizing the rebuttable nature of presumptions under section 292C of the IT Act. The Tribunal considered previous judgments, applying a profit rate of 2% for unaccounted sales in a Supari business case. The assessment was based on seized documents and turnover estimation, with the Tribunal highlighting the assessee's right to challenge presumptions. The appeal centered on interpreting section 292C and Sec. 69B provisions, ultimately affirming the CIT(A)'s approach in determining undisclosed income. Case-Laws Income Tax Fri, 03 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412185