https://www.taxtmi.com/caselaws?id=446452 The Tribunal allowed the appeal, overturning the Assessing Officer's addition of Rs. 85,59,348 to the assessee's income for AY 2018-19. It determined that the 8% profit estimation was unwarranted, as the assessee maintained duly audited books of accounts. The Tribunal directed acceptance of the 2.5% net profit rate declared by the assessee, emphasizing the importance of considering audited financial statements and proper scrutiny in profit estimation, especially when Section 44AD does not apply due to turnover exceeding Rs. 2 Crore. en-us Tue, 03 Oct 2023 00:00:00 +0530 Mon, 04 Dec 2023 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446452 The Tribunal allowed the appeal, overturning the Assessing Officer's addition of Rs. 85,59,348 to the assessee's income for AY 2018-19. It determined that the 8% profit estimation was unwarranted, as the assessee maintained duly audited books of accounts. The Tribunal directed acceptance of the 2.5% net profit rate declared by the assessee, emphasizing the importance of considering audited financial statements and proper scrutiny in profit estimation, especially when Section 44AD does not apply due to turnover exceeding Rs. 2 Crore. Case-Laws Income Tax Tue, 03 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446452