https://www.taxtmi.com/caselaws?id=420141 The ITAT partially allowed the appeal of the assessee by directing the AO to estimate the net profit at 8% of gross receipts instead of 15% due to lack of opportunity given to the assessee to justify the higher estimation. The judgment did not extensively address other issues raised, such as the rejection of books of accounts, quashing of the ex-parte order, consideration of adjournment request, nature of surrender made, and charging of interest under the IT Act. en-us Wed, 08 Dec 2021 00:00:00 +0530 Mon, 28 Mar 2022 08:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420141 The ITAT partially allowed the appeal of the assessee by directing the AO to estimate the net profit at 8% of gross receipts instead of 15% due to lack of opportunity given to the assessee to justify the higher estimation. The judgment did not extensively address other issues raised, such as the rejection of books of accounts, quashing of the ex-parte order, consideration of adjournment request, nature of surrender made, and charging of interest under the IT Act. Case-Laws Income Tax Wed, 08 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420141