https://www.taxtmi.com/caselaws?id=758800 The Tribunal ruled in favor of the assessee, overturning the CIT(A)'s decision. The Tribunal determined that the delay in filing the return did not justify the AO's estimation of income at 15% of turnover. It emphasized the availability of audited accounts and timely audit reports, concluding that income estimation should not be based solely on turnover due to delayed filing. The appeal was allowed, and the Tribunal highlighted the importance of considering returns filed before assessment completion, supported by relevant case laws. en-us Fri, 31 May 2024 00:00:00 +0530 Thu, 19 Sep 2024 08:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758800 The Tribunal ruled in favor of the assessee, overturning the CIT(A)'s decision. The Tribunal determined that the delay in filing the return did not justify the AO's estimation of income at 15% of turnover. It emphasized the availability of audited accounts and timely audit reports, concluding that income estimation should not be based solely on turnover due to delayed filing. The appeal was allowed, and the Tribunal highlighted the importance of considering returns filed before assessment completion, supported by relevant case laws. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758800