https://www.taxtmi.com/caselaws?id=758392 The ITAT Bangalore directed the AO to adopt a net profit rate of 8.24% on gross receipts for the relevant assessment year, rejecting the AO's determination of 15% profit on undeclared turnover. The tribunal relied on the assessee's audited accounts for AY 2017-18 showing 8.24% net profit rate, finding these figures more dependable as the business operations and turnover remained consistent across years. The tribunal noted that for other assessment years, income was declared on presumptive basis under section 44AD at 8% of gross receipts. The assessee's appeal was partly allowed. en-us Mon, 02 Sep 2024 00:00:00 +0530 Fri, 13 Sep 2024 08:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758392 The ITAT Bangalore directed the AO to adopt a net profit rate of 8.24% on gross receipts for the relevant assessment year, rejecting the AO's determination of 15% profit on undeclared turnover. The tribunal relied on the assessee's audited accounts for AY 2017-18 showing 8.24% net profit rate, finding these figures more dependable as the business operations and turnover remained consistent across years. The tribunal noted that for other assessment years, income was declared on presumptive basis under section 44AD at 8% of gross receipts. The assessee's appeal was partly allowed. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758392