https://www.taxtmi.com/caselaws?id=451296 The ITAT Jodhpur addressed profit estimation and unexplained creditors in a contract case. The AO applied 20% profit rate on contract receipts versus appellant's declared 8.13%. CIT(A) directed 14.5% rate. ITAT reduced profit estimation to 11% considering section 44AD provisions and interest of justice. Regarding unexplained creditors, the tribunal held that when books are rejected and profit estimated, separate additions from rejected books cannot be made. Ground 2 was partly allowed for the assessee. en-us Thu, 21 Mar 2024 00:00:00 +0530 Sat, 23 Mar 2024 08:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451296 The ITAT Jodhpur addressed profit estimation and unexplained creditors in a contract case. The AO applied 20% profit rate on contract receipts versus appellant's declared 8.13%. CIT(A) directed 14.5% rate. ITAT reduced profit estimation to 11% considering section 44AD provisions and interest of justice. Regarding unexplained creditors, the tribunal held that when books are rejected and profit estimated, separate additions from rejected books cannot be made. Ground 2 was partly allowed for the assessee. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451296