https://www.taxtmi.com/highlights?id=82968 In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A), considering past orders, estimated 7% profit. However, the Tribunal held that since the assessee had already disclosed 5.99% profit, no further estimation was required. The profit from the disputed Sri Lanka project was part of the total declared profit. Consequently, the assessee's appeal was allowed, and the AO's estimation was rejected by the ITAT (Appellate Tribunal). en-us Sat, 09 Nov 2024 08:50:10 +0530 Sat, 09 Nov 2024 08:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82968 In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A), considering past orders, estimated 7% profit. However, the Tribunal held that since the assessee had already disclosed 5.99% profit, no further estimation was required. The profit from the disputed Sri Lanka project was part of the total declared profit. Consequently, the assessee's appeal was allowed, and the AO's estimation was rejected by the ITAT (Appellate Tribunal). Highlights Income Tax Sat, 09 Nov 2024 08:50:10 +0530 https://www.taxtmi.com/highlights?id=82968