https://www.taxtmi.com/caselaws?id=754251 The ITAT Rajkot upheld the CIT(A)'s decision to apply an 8% net profit rate instead of Revenue's proposed 12.5% rate for undisclosed sales discovered through incriminating WhatsApp messages found during a search at the director's premises. The tribunal rejected Revenue's appeal, ruling that no reasonable basis was provided to justify the higher 12.5% rate, emphasizing that net profit rates must be justifiable based on business nature and specific facts rather than arbitrary application. en-us Fri, 12 Jan 2024 00:00:00 +0530 Thu, 20 Jun 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754251 The ITAT Rajkot upheld the CIT(A)'s decision to apply an 8% net profit rate instead of Revenue's proposed 12.5% rate for undisclosed sales discovered through incriminating WhatsApp messages found during a search at the director's premises. The tribunal rejected Revenue's appeal, ruling that no reasonable basis was provided to justify the higher 12.5% rate, emphasizing that net profit rates must be justifiable based on business nature and specific facts rather than arbitrary application. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754251