https://www.taxtmi.com/highlights?id=75437 Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract receipts and estimating the profit at 8%. However, upon careful consideration, the Tribunal found inconsistencies in the assessment. It questioned the basis for estimating profit at 8% when the commission ranged from 0.25% to 1%, and the discrepancy regarding the actual contract receipts. The Tribunal concluded that the addition lacked demonstrative evidence and was based on surmise and conjecture. en-us Wed, 06 Mar 2024 09:06:15 +0530 Wed, 06 Mar 2024 09:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75437 Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract receipts and estimating the profit at 8%. However, upon careful consideration, the Tribunal found inconsistencies in the assessment. It questioned the basis for estimating profit at 8% when the commission ranged from 0.25% to 1%, and the discrepancy regarding the actual contract receipts. The Tribunal concluded that the addition lacked demonstrative evidence and was based on surmise and conjecture. Highlights Income Tax Wed, 06 Mar 2024 09:06:15 +0530 https://www.taxtmi.com/highlights?id=75437