https://www.taxtmi.com/caselaws?id=785965 Validity of reopening was upheld: the tribunal found no successful challenge to initiation under the reassessment provision and treated the notice dated 30.03.2021 as validly issued, so ground 1(i) was dismissed. On estimation of income after rejection of books, the tribunal accepted that a reasonable estimate was required for the milk business; it rejected the assessee's proposal of 0.5% net profit as too low and directed theAssessing Officer to compute gross profit at 5% of declared gross receipts and then determine net profit after allowing eligible deductions. Appeals were partly allowed on estimation grounds. en-us Fri, 30 Jan 2026 00:00:00 +0530 Tue, 03 Feb 2026 08:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785965 Validity of reopening was upheld: the tribunal found no successful challenge to initiation under the reassessment provision and treated the notice dated 30.03.2021 as validly issued, so ground 1(i) was dismissed. On estimation of income after rejection of books, the tribunal accepted that a reasonable estimate was required for the milk business; it rejected the assessee's proposal of 0.5% net profit as too low and directed theAssessing Officer to compute gross profit at 5% of declared gross receipts and then determine net profit after allowing eligible deductions. Appeals were partly allowed on estimation grounds. Case-Laws Income Tax Fri, 30 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785965