https://www.taxtmi.com/caselaws?id=302532 The Tribunal partly allowed the Revenue's appeal, setting aside the CIT(A)'s order deleting an addition of Rs.45,68,625 based on estimation of Gross Profit. The Tribunal directed the Assessing Officer to recalculate the addition using a GP rate of 5.5% of total turnover, emphasizing the need for a reasonable nexus to available material. It stressed the importance of exercising best judgment in assessments, considering factors like local knowledge and business reputation. The decision aimed to ensure a fair assessment based on the available material and circumstances, overturning the initial deletion of the addition. en-us Thu, 23 Feb 2017 00:00:00 +0530 Fri, 03 Jun 2022 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302532 The Tribunal partly allowed the Revenue's appeal, setting aside the CIT(A)'s order deleting an addition of Rs.45,68,625 based on estimation of Gross Profit. The Tribunal directed the Assessing Officer to recalculate the addition using a GP rate of 5.5% of total turnover, emphasizing the need for a reasonable nexus to available material. It stressed the importance of exercising best judgment in assessments, considering factors like local knowledge and business reputation. The decision aimed to ensure a fair assessment based on the available material and circumstances, overturning the initial deletion of the addition. Case-Laws Income Tax Thu, 23 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302532