https://www.taxtmi.com/caselaws?id=755674 The ITAT Jaipur reduced the estimated net profit rate from 5% to 1.33% for the assessee's business, considering the profit history from previous years where net profit rates ranged from 1.10% to 1.19%. The tribunal found the 5% estimation excessive given the assessee's past performance and business nature. The case involved second-round litigation where directors faced financial difficulties and health issues, leading to non-compliance and estimated assessment. The tribunal partly allowed the first ground and directed the AO to verify disclosed income from interest, commission, and rent before making separate additions, allowing grounds 2 and 3 for statistical purposes. en-us Wed, 10 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755674 The ITAT Jaipur reduced the estimated net profit rate from 5% to 1.33% for the assessee's business, considering the profit history from previous years where net profit rates ranged from 1.10% to 1.19%. The tribunal found the 5% estimation excessive given the assessee's past performance and business nature. The case involved second-round litigation where directors faced financial difficulties and health issues, leading to non-compliance and estimated assessment. The tribunal partly allowed the first ground and directed the AO to verify disclosed income from interest, commission, and rent before making separate additions, allowing grounds 2 and 3 for statistical purposes. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755674