https://www.taxtmi.com/caselaws?id=420236 The Tribunal dismissed the appeal challenging the assessment due to lack of notice under section 143(2) of the Income Tax Act, as the notice was served within the limitation period. Regarding the addition made by the Assessing Officer based on a 10% net profit rate, the Tribunal found the calculation arbitrary and set aside the matter for reassessment with the opportunity for the assessee to provide relevant details. The Tribunal also set aside the assessment process for reassessment, emphasizing the need for proper verification and reasonable criteria for income estimation. en-us Tue, 15 Mar 2022 00:00:00 +0530 Wed, 30 Mar 2022 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420236 The Tribunal dismissed the appeal challenging the assessment due to lack of notice under section 143(2) of the Income Tax Act, as the notice was served within the limitation period. Regarding the addition made by the Assessing Officer based on a 10% net profit rate, the Tribunal found the calculation arbitrary and set aside the matter for reassessment with the opportunity for the assessee to provide relevant details. The Tribunal also set aside the assessment process for reassessment, emphasizing the need for proper verification and reasonable criteria for income estimation. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420236