https://www.taxtmi.com/caselaws?id=427091 The appellant challenged the assessment order passed under Section 143(3) as illegal and without jurisdiction. The CIT (A) upheld the order, estimating the total income at Rs.20,89,160. The assessing officer's deviation from the declared income of Rs.1,99,540 by applying a net profit of 9.09% of total turnover was contested. The Tribunal directed the assessing officer to adopt a 5% net profit rate instead of the 8% applied by the CIT (A) for a fair outcome. The judgment emphasized the importance of providing supporting evidence and conducting thorough inquiries for just assessments, upholding principles of natural justice. en-us Tue, 30 Aug 2022 00:00:00 +0530 Thu, 01 Sep 2022 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427091 The appellant challenged the assessment order passed under Section 143(3) as illegal and without jurisdiction. The CIT (A) upheld the order, estimating the total income at Rs.20,89,160. The assessing officer's deviation from the declared income of Rs.1,99,540 by applying a net profit of 9.09% of total turnover was contested. The Tribunal directed the assessing officer to adopt a 5% net profit rate instead of the 8% applied by the CIT (A) for a fair outcome. The judgment emphasized the importance of providing supporting evidence and conducting thorough inquiries for just assessments, upholding principles of natural justice. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427091