https://www.taxtmi.com/caselaws?id=783496 ITAT Chennai dismissed the Revenue's challenge to the CIT(A)'s estimation of business profit at 8% where the assessee had not maintained books and had himself adopted 8% presumptive profit in subsequent years. The Tribunal held that there was no basis to accept the assessee's plea for 6% profit and upheld the 8% rate. On disallowance under s.57, ITAT accepted the assessee's contention that receipts from Karnataka Road Development Corporation Ltd. were business income, not income from other sources, and directed that only 8% profit thereon be taxed, deleting the balance 92%. Disallowance relating to LIC receipts was sustained. The appeal was partly allowed. en-us Fri, 12 Dec 2025 00:00:00 +0530 Wed, 17 Dec 2025 08:28:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783496 ITAT Chennai dismissed the Revenue's challenge to the CIT(A)'s estimation of business profit at 8% where the assessee had not maintained books and had himself adopted 8% presumptive profit in subsequent years. The Tribunal held that there was no basis to accept the assessee's plea for 6% profit and upheld the 8% rate. On disallowance under s.57, ITAT accepted the assessee's contention that receipts from Karnataka Road Development Corporation Ltd. were business income, not income from other sources, and directed that only 8% profit thereon be taxed, deleting the balance 92%. Disallowance relating to LIC receipts was sustained. The appeal was partly allowed. Case-Laws Income Tax Fri, 12 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783496