https://www.taxtmi.com/caselaws?id=755964 The ITAT Mumbai dismissed the Revenue's appeal regarding estimation of gross profit on undisclosed receipts for A.Y. 2012-13. The assessee company had not filed returns, and receipts were discovered through 26AS verification. The CIT(A) deleted the addition, treating it as double assessment and estimating gross profit at 20%. The ITAT upheld this decision, noting the AO failed to consider corresponding expenditure for contractual services and made double additions. The department could not rebut the double assessment claim or deny legitimate expenditure incurred by the assessee for services provided. en-us Mon, 22 Jul 2024 00:00:00 +0530 Wed, 24 Jul 2024 07:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755964 The ITAT Mumbai dismissed the Revenue's appeal regarding estimation of gross profit on undisclosed receipts for A.Y. 2012-13. The assessee company had not filed returns, and receipts were discovered through 26AS verification. The CIT(A) deleted the addition, treating it as double assessment and estimating gross profit at 20%. The ITAT upheld this decision, noting the AO failed to consider corresponding expenditure for contractual services and made double additions. The department could not rebut the double assessment claim or deny legitimate expenditure incurred by the assessee for services provided. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755964