https://www.taxtmi.com/highlights?id=76027 Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO to apply a profit rate of 14.5% - The ITAT partially upheld the additions but granted relief to the assessee by adjusting the net profit rate to 11% and reducing the additions for provisions based on evidence provided during appellate proceedings. Overall, the tribunal's decision aimed to balance the interests of both parties while ensuring compliance with tax regulations. en-us Sat, 23 Mar 2024 08:25:49 +0530 Sat, 23 Mar 2024 08:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76027 Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO to apply a profit rate of 14.5% - The ITAT partially upheld the additions but granted relief to the assessee by adjusting the net profit rate to 11% and reducing the additions for provisions based on evidence provided during appellate proceedings. Overall, the tribunal's decision aimed to balance the interests of both parties while ensuring compliance with tax regulations. Highlights Income Tax Sat, 23 Mar 2024 08:25:49 +0530 https://www.taxtmi.com/highlights?id=76027