https://www.taxtmi.com/caselaws?id=427769 The Tribunal partially allowed the assessee's appeal, directing the Assessing Officer (AO) to compute income by applying a net profit rate of 2.5% on gross receipts. The Tribunal found the AO and National Faceless Appeal Centre's profit rate applications of 12% and 5%, respectively, unjustified. Emphasizing the importance of considering past trends, the Tribunal concluded that the 2.5% rate aligned with justice due to the assessee's failure to produce books of account and vouchers. The order was pronounced on 13.09.2022. en-us Tue, 13 Sep 2022 00:00:00 +0530 Fri, 02 Dec 2022 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427769 The Tribunal partially allowed the assessee's appeal, directing the Assessing Officer (AO) to compute income by applying a net profit rate of 2.5% on gross receipts. The Tribunal found the AO and National Faceless Appeal Centre's profit rate applications of 12% and 5%, respectively, unjustified. Emphasizing the importance of considering past trends, the Tribunal concluded that the 2.5% rate aligned with justice due to the assessee's failure to produce books of account and vouchers. The order was pronounced on 13.09.2022. Case-Laws Income Tax Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427769