https://www.taxtmi.com/caselaws?id=762729 The Tribunal partially allowed the appeal, directing the Assessing Officer to compute the tax liability using a net profit rate of 2%, instead of the 8% initially assessed by the AO or the 4% determined by the NFAC. This decision was made after considering the arguments presented by both parties and the lack of comparative data. The Tribunal condoned a 377-day delay in filing the appeal, attributing it to the advocate's failure, and admitted the appeal for hearing. No amendments to the grounds of appeal were made, as the primary focus was on the estimation of total income based on turnover. Penalty proceedings were not the central issue of the appeal. en-us Tue, 19 Nov 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762729 The Tribunal partially allowed the appeal, directing the Assessing Officer to compute the tax liability using a net profit rate of 2%, instead of the 8% initially assessed by the AO or the 4% determined by the NFAC. This decision was made after considering the arguments presented by both parties and the lack of comparative data. The Tribunal condoned a 377-day delay in filing the appeal, attributing it to the advocate's failure, and admitted the appeal for hearing. No amendments to the grounds of appeal were made, as the primary focus was on the estimation of total income based on turnover. Penalty proceedings were not the central issue of the appeal. Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762729