https://www.taxtmi.com/caselaws?id=466721 Whether income could be estimated by applying a presumptive 2% profit rate and rejecting books was examined in light of exchange-based commodity and share transactions; the Tribunal applied the principle that books of account and recorded purchases and sales executed through recognised exchange platforms that reflect real income should not be displaced by a standard presumptive profit estimate. The Tribunal found the assessee's online exchange transactions were not appropriately treated as general goods trading and deleted the estimation and additions, allowing the appeal in favour of the assessee. en-us Tue, 25 Feb 2025 00:00:00 +0530 Tue, 17 Feb 2026 19:25:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466721 Whether income could be estimated by applying a presumptive 2% profit rate and rejecting books was examined in light of exchange-based commodity and share transactions; the Tribunal applied the principle that books of account and recorded purchases and sales executed through recognised exchange platforms that reflect real income should not be displaced by a standard presumptive profit estimate. The Tribunal found the assessee's online exchange transactions were not appropriately treated as general goods trading and deleted the estimation and additions, allowing the appeal in favour of the assessee. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466721