Income Tax Assessment: Tribunal Reduces Net Profit Estimation from 2% to 0.75%, Lowering Tax Liability for Assessee

Income Tax Assessment: Tribunal Reduces Net Profit Estimation from 2% to 0.75%, Lowering Tax Liability for Assessee https://www.taxtmi.com/highlights?id=87236 ITAT partially allowed the appeal, modifying the Assessing Officer's (AO) income estimation. The tribunal found the AO justified in rejecting books of accounts due to non-production of bills and vouchers. Instead of the AO's 2% net profit rate, the tribunal applied a 0.75% rate on gross turnover, considering the previous year's 1.07% rate. The net addition was reduced from Rs. 1,65,09,996/- to Rs. 43,29,907/-. The AO was directed to recompute the income accordingly, with the assessee's appeal being partly allowed. en-us Tue, 08 Apr 2025 08:29:01 +0530 Tue, 08 Apr 2025 08:29:03 +0530 TaxTMI RSS Generator Income Tax Assessment: Tribunal Reduces Net Profit Estimation from 2% to 0.75%, Lowering Tax Liability for Assessee https://www.taxtmi.com/highlights?id=87236 ITAT partially allowed the appeal, modifying the Assessing Officer's (AO) income estimation. The tribunal found the AO justified in rejecting books of accounts due to non-production of bills and vouchers. Instead of the AO's 2% net profit rate, the tribunal applied a 0.75% rate on gross turnover, considering the previous year's 1.07% rate. The net addition was reduced from Rs. 1,65,09,996/- to Rs. 43,29,907/-. The AO was directed to recompute the income accordingly, with the assessee's appeal being partly allowed. Highlights Income Tax Tue, 08 Apr 2025 08:29:01 +0530 https://www.taxtmi.com/highlights?id=87236