https://www.taxtmi.com/caselaws?id=757219 ITAT Hyderabad allowed the assessee's appeal regarding profit estimation on gross contract receipts. The AO had estimated 8% profit, while CIT(A) accepted 5% but directed verification through Form 26AS. ITAT found the assessee's Form 26AS entries genuine, showing the main contractor had filed revised TDS statements correcting misreported turnover. The tribunal held that absent contrary evidence, the assessee's claim of gross contract receipts per Form 26AS should be accepted, directing AO to estimate net profit at 5% on total contract receipts as per Form 26AS for AY 2016-17. en-us Wed, 14 Aug 2024 00:00:00 +0530 Mon, 19 Aug 2024 19:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757219 ITAT Hyderabad allowed the assessee's appeal regarding profit estimation on gross contract receipts. The AO had estimated 8% profit, while CIT(A) accepted 5% but directed verification through Form 26AS. ITAT found the assessee's Form 26AS entries genuine, showing the main contractor had filed revised TDS statements correcting misreported turnover. The tribunal held that absent contrary evidence, the assessee's claim of gross contract receipts per Form 26AS should be accepted, directing AO to estimate net profit at 5% on total contract receipts as per Form 26AS for AY 2016-17. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757219