https://www.taxtmi.com/caselaws?id=758540 Business income assessed under best judgment can be estimated on a reasonable basis where the assessee fails to respond to notices or produce books, vouchers and stock records. Although the turnover exceeded the section 44AD threshold, the 8% estimate of gross turnover was found excessive on the totality of facts and circumstances. The addition was therefore reduced and income was directed to be estimated at 5% of gross turnover, giving partial relief to the assessee. en-us Thu, 29 Aug 2024 00:00:00 +0530 Mon, 16 Sep 2024 07:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758540 Business income assessed under best judgment can be estimated on a reasonable basis where the assessee fails to respond to notices or produce books, vouchers and stock records. Although the turnover exceeded the section 44AD threshold, the 8% estimate of gross turnover was found excessive on the totality of facts and circumstances. The addition was therefore reduced and income was directed to be estimated at 5% of gross turnover, giving partial relief to the assessee. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758540