https://www.taxtmi.com/caselaws?id=460402 The court dismissed the Revenue's appeal and upheld the CIT(A)'s decision to reject the book results, initially estimating profits at 10% of gross receipts. However, the court found this estimation excessive based on the assessee's past performance and industry standards, directing a reduction to 5%. The court also acknowledged procedural shortcomings, indicating a lack of adherence to principles of natural justice during the assessment process. The disallowance by the Assessing Officer, leading to a 40% profit estimation, was deemed arbitrary and unreasonable. en-us Mon, 22 Aug 2022 00:00:00 +0530 Wed, 22 Jan 2025 18:57:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460402 The court dismissed the Revenue's appeal and upheld the CIT(A)'s decision to reject the book results, initially estimating profits at 10% of gross receipts. However, the court found this estimation excessive based on the assessee's past performance and industry standards, directing a reduction to 5%. The court also acknowledged procedural shortcomings, indicating a lack of adherence to principles of natural justice during the assessment process. The disallowance by the Assessing Officer, leading to a 40% profit estimation, was deemed arbitrary and unreasonable. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460402