https://www.taxtmi.com/caselaws?id=472033 For admitted contract receipts whose character, source and genuineness are undisputed, profit estimation at 50% lacks a reasonable basis; the 8% presumptive-tax benchmark under section 44AD provides a fair basis in the stated circumstances. Business income is consequently recomputed at 8% of gross contract receipts. A concealment penalty under section 271(1)(c) does not survive where the addition rests solely on estimated profit, first-year operations and an internal management dispute explain non-filing and non-compliance, and tax deducted at source leaves no substantial revenue loss after recomputation. en-us Wed, 16 Apr 2025 00:00:00 +0530 Sun, 27 Sep 2026 15:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472033 For admitted contract receipts whose character, source and genuineness are undisputed, profit estimation at 50% lacks a reasonable basis; the 8% presumptive-tax benchmark under section 44AD provides a fair basis in the stated circumstances. Business income is consequently recomputed at 8% of gross contract receipts. A concealment penalty under section 271(1)(c) does not survive where the addition rests solely on estimated profit, first-year operations and an internal management dispute explain non-filing and non-compliance, and tax deducted at source leaves no substantial revenue loss after recomputation. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472033