https://www.taxtmi.com/highlights?id=93324 ITAT allowed the appeal of the assessee and set aside the assessing officer's rejection of books and deemed income estimate of 2% of sales, holding that the assessee operated as a pass-through processor with negligible control and thin purchase-commission margins. The Tribunal found the assessee regularly declared gross profit of c.0.29% and noted the AO ought to have examined the buyer group by issuing notice under s.133(6). Having regard to comparable precedents and the assessee's scale vis-à-vis large group operations, the ITAT fixed estimated profit at 0.40% of gross sales and directed consequential relief, thereby allowing the appeal. en-us Tue, 14 Oct 2025 09:39:31 +0530 Tue, 14 Oct 2025 09:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93324 ITAT allowed the appeal of the assessee and set aside the assessing officer's rejection of books and deemed income estimate of 2% of sales, holding that the assessee operated as a pass-through processor with negligible control and thin purchase-commission margins. The Tribunal found the assessee regularly declared gross profit of c.0.29% and noted the AO ought to have examined the buyer group by issuing notice under s.133(6). Having regard to comparable precedents and the assessee's scale vis-à-vis large group operations, the ITAT fixed estimated profit at 0.40% of gross sales and directed consequential relief, thereby allowing the appeal. Highlights Income Tax Tue, 14 Oct 2025 09:39:31 +0530 https://www.taxtmi.com/highlights?id=93324