https://www.taxtmi.com/highlights?id=88779 ITAT allowed the assessee's appeal, rejecting the Assessing Officer's (AO) arbitrary estimation of gross profit. The tribunal found no material defects in the books of accounts, no evidence of sales suppression, and no new land purchases. The AO's rejection of accounts solely based on lower gross profit compared to previous years was deemed incorrect. Without comparable industry data or market survey to justify the 9.94% gross profit estimation, the tribunal concluded that the addition to income was unwarranted. The decision was consistent with prior scrutiny assessments where the assessee's returned income was accepted with minimal adjustments. en-us Tue, 27 May 2025 08:32:47 +0530 Tue, 27 May 2025 08:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=88779 ITAT allowed the assessee's appeal, rejecting the Assessing Officer's (AO) arbitrary estimation of gross profit. The tribunal found no material defects in the books of accounts, no evidence of sales suppression, and no new land purchases. The AO's rejection of accounts solely based on lower gross profit compared to previous years was deemed incorrect. Without comparable industry data or market survey to justify the 9.94% gross profit estimation, the tribunal concluded that the addition to income was unwarranted. The decision was consistent with prior scrutiny assessments where the assessee's returned income was accepted with minimal adjustments. Highlights Income Tax Tue, 27 May 2025 08:32:47 +0530 https://www.taxtmi.com/highlights?id=88779