https://www.taxtmi.com/caselaws?id=761245 The ITAT set aside the enhancement of the gross profit ratio from 8% to 25% by the CIT(A) due to inadequate notice under section 251(2) of the Act, thus upholding the original profit estimation at 8%. The original assessment order under section 143(3) r/w section 153C was maintained, and the penalty issue under section 270A for mis-reporting of income was not extensively addressed, as the appeal primarily focused on the gross profit ratio enhancement. The appeal was allowed in favor of the assessee on the grounds related to the enhancement. en-us Tue, 22 Oct 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761245 The ITAT set aside the enhancement of the gross profit ratio from 8% to 25% by the CIT(A) due to inadequate notice under section 251(2) of the Act, thus upholding the original profit estimation at 8%. The original assessment order under section 143(3) r/w section 153C was maintained, and the penalty issue under section 270A for mis-reporting of income was not extensively addressed, as the appeal primarily focused on the gross profit ratio enhancement. The appeal was allowed in favor of the assessee on the grounds related to the enhancement. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761245