https://www.taxtmi.com/caselaws?id=755421 The addition relating to bank interest was left undisturbed because the assessee did not press that challenge and treated it as withdrawn. On estimation of business income, the absence of any comparable case, the assessee's first year of business, and the fact that the declared net profit was the highest when compared with later years of the same assessee required a more reasonable estimate. The profit rate was therefore restricted to 2.75% of adjusted turnover, after excluding specified expenses on which no income could arise. en-us Mon, 24 Jun 2024 00:00:00 +0530 Fri, 12 Jul 2024 08:37:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755421 The addition relating to bank interest was left undisturbed because the assessee did not press that challenge and treated it as withdrawn. On estimation of business income, the absence of any comparable case, the assessee's first year of business, and the fact that the declared net profit was the highest when compared with later years of the same assessee required a more reasonable estimate. The profit rate was therefore restricted to 2.75% of adjusted turnover, after excluding specified expenses on which no income could arise. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755421