https://www.taxtmi.com/caselaws?id=783815 In reassessment proceedings, the dominant issue was whether the AO's estimation of net profit at 1% of total turnover (instead of the 8% proposed in the show-cause notice) was legally sustainable where the assessee had not filed any original return u/s 139 and filed a return only in response to notice u/s 148 shortly before the assessment limitation date. The Tribunal held that such estimation was justified on facts and law, given the non-compliance and belated filing, and further held that no benefit under s. 80AC could be claimed in absence of a timely return. The appeal was dismissed. en-us Fri, 19 Dec 2025 00:00:00 +0530 Tue, 23 Dec 2025 07:59:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783815 In reassessment proceedings, the dominant issue was whether the AO's estimation of net profit at 1% of total turnover (instead of the 8% proposed in the show-cause notice) was legally sustainable where the assessee had not filed any original return u/s 139 and filed a return only in response to notice u/s 148 shortly before the assessment limitation date. The Tribunal held that such estimation was justified on facts and law, given the non-compliance and belated filing, and further held that no benefit under s. 80AC could be claimed in absence of a timely return. The appeal was dismissed. Case-Laws Income Tax Fri, 19 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783815