https://www.taxtmi.com/caselaws?id=771923 ITAT Ahmedabad partially allowed both revenue and assessee appeals. The tribunal upheld CIT(A)'s decision to reduce profit estimation from 20% to 10% of contract receipts, finding 10% reasonable compared to 8% presumptive rate under section 44AB. However, ITAT set aside CIT(A)'s order regarding unexplained credits under section 68 and suppression of income, finding CIT(A) violated Rule 46A(3) by admitting additional evidence without giving AO opportunity to examine it. Matter remanded to CIT(A) for fresh consideration while ensuring AO gets reasonable opportunity to examine any additional evidence. en-us Wed, 12 Mar 2025 00:00:00 +0530 Mon, 02 Jun 2025 08:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771923 ITAT Ahmedabad partially allowed both revenue and assessee appeals. The tribunal upheld CIT(A)'s decision to reduce profit estimation from 20% to 10% of contract receipts, finding 10% reasonable compared to 8% presumptive rate under section 44AB. However, ITAT set aside CIT(A)'s order regarding unexplained credits under section 68 and suppression of income, finding CIT(A) violated Rule 46A(3) by admitting additional evidence without giving AO opportunity to examine it. Matter remanded to CIT(A) for fresh consideration while ensuring AO gets reasonable opportunity to examine any additional evidence. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771923