https://www.taxtmi.com/caselaws?id=465998 Dispute concerns estimation of taxable income after rejection of books of account where the AO applied a net profit rate derived from averaging two comparables. Tribunal (ITAT) found the AO relied on a net profit rate (0.20%) inconsistent with the earlier assessment year benchmark (0.23%) and without demonstrating comparability between the assessee and the selected firms. The tribunal concluded that, on the available record, the lower net profit rate (0.17%) should be applied in estimation and directed revision accordingly; the assessee's appeal was dismissed. en-us Mon, 02 Jul 2018 00:00:00 +0530 Tue, 20 Jan 2026 06:30:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465998 Dispute concerns estimation of taxable income after rejection of books of account where the AO applied a net profit rate derived from averaging two comparables. Tribunal (ITAT) found the AO relied on a net profit rate (0.20%) inconsistent with the earlier assessment year benchmark (0.23%) and without demonstrating comparability between the assessee and the selected firms. The tribunal concluded that, on the available record, the lower net profit rate (0.17%) should be applied in estimation and directed revision accordingly; the assessee's appeal was dismissed. Case-Laws Income Tax Mon, 02 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465998