https://www.taxtmi.com/caselaws?id=472388 Profit estimation where books are not produced should account for the declared net-profit rate and comparable statutory presumptive benchmarks. A 12% rate was considered excessive where the declared rate exceeded preceding years; taxable income was recomputed at 6.5% of declared turnover. Contractual receipts that include closing work-in-progress cannot replace declared turnover for income estimation merely because the contractor deducted tax at source on those receipts. Income should therefore be computed by applying the revised profit rate to declared turnover rather than to receipts inclusive of work-in-progress. en-us Tue, 22 Apr 2025 00:00:00 +0530 Fri, 09 Oct 2026 21:34:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472388 Profit estimation where books are not produced should account for the declared net-profit rate and comparable statutory presumptive benchmarks. A 12% rate was considered excessive where the declared rate exceeded preceding years; taxable income was recomputed at 6.5% of declared turnover. Contractual receipts that include closing work-in-progress cannot replace declared turnover for income estimation merely because the contractor deducted tax at source on those receipts. Income should therefore be computed by applying the revised profit rate to declared turnover rather than to receipts inclusive of work-in-progress. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472388