https://www.taxtmi.com/caselaws?id=456477 ITAT Jaipur held that assessments under section 153A were invalid for assessment years 2005-06 and 2009-10 as no incriminating material was found during search and no assessment proceedings were pending. The tribunal reduced the gross profit estimation from 72% to 58% on declared sales, considering book defects and assessee's disclosures. Revenue's appeal challenging GP rate reduction from 72% to 62% was dismissed due to low tax effect below Rs. 10 lakhs threshold per Circular 21/2015. Assessee's appeal was partly allowed. en-us Tue, 25 Apr 2017 00:00:00 +0530 Mon, 29 Jul 2024 20:13:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456477 ITAT Jaipur held that assessments under section 153A were invalid for assessment years 2005-06 and 2009-10 as no incriminating material was found during search and no assessment proceedings were pending. The tribunal reduced the gross profit estimation from 72% to 58% on declared sales, considering book defects and assessee's disclosures. Revenue's appeal challenging GP rate reduction from 72% to 62% was dismissed due to low tax effect below Rs. 10 lakhs threshold per Circular 21/2015. Assessee's appeal was partly allowed. Case-Laws Income Tax Tue, 25 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456477