https://www.taxtmi.com/caselaws?id=462426 The ITAT Raipur reduced the CIT(A)'s net profit estimation from 12% to 10% of gross receipts for a freight transport business. The assessee, with gross receipts of Rs. 2.51 crores, was engaged in goods carriage business under section 44AE, making section 44AD inapplicable. While the assessee failed to substantiate genuineness of expenditures, the tribunal recognized that some expenditure was necessary to achieve the turnover. The AO was directed to estimate net profit at 10%, reduce additions for income already offered in return, and allow eligible depreciation after verification under section 32. en-us Thu, 22 Aug 2024 00:00:00 +0530 Sat, 21 Jun 2025 19:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462426 The ITAT Raipur reduced the CIT(A)'s net profit estimation from 12% to 10% of gross receipts for a freight transport business. The assessee, with gross receipts of Rs. 2.51 crores, was engaged in goods carriage business under section 44AE, making section 44AD inapplicable. While the assessee failed to substantiate genuineness of expenditures, the tribunal recognized that some expenditure was necessary to achieve the turnover. The AO was directed to estimate net profit at 10%, reduce additions for income already offered in return, and allow eligible depreciation after verification under section 32. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462426