https://www.taxtmi.com/caselaws?id=761398 ITAT Jaipur allowed the assessee's appeal regarding GP estimation dispute. AO applied 8% profit rate due to turnover mismatch with Form 26AS, while CIT(A) reduced it to 7% based on past orders. ITAT held that since assessee already disclosed 5.99% profit and the disputed Sri Lanka project profit was included in total declared profit, no further estimation was required. The tribunal found the disclosed profit rate adequate and rejected additional profit estimation by revenue authorities. en-us Thu, 29 Aug 2024 00:00:00 +0530 Fri, 08 Nov 2024 21:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761398 ITAT Jaipur allowed the assessee's appeal regarding GP estimation dispute. AO applied 8% profit rate due to turnover mismatch with Form 26AS, while CIT(A) reduced it to 7% based on past orders. ITAT held that since assessee already disclosed 5.99% profit and the disputed Sri Lanka project profit was included in total declared profit, no further estimation was required. The tribunal found the disclosed profit rate adequate and rejected additional profit estimation by revenue authorities. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761398