Assessment confirms 2% and 0.5% profit estimates, accepts agricultural receipts exclusion, caps operating expenses at 10% with recomputation

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....ITAT affirmed additions in part and allowed deletions in part. It upheld a 2% estimation on commodity/share transactions disclosed by exchange information, finding business income correctly assessed despite the assessee's return; it likewise sustained a 0.5% estimation of profit on BSE trading turnover where sales were undeclared. The Tribunal confirmed these estimations as reasonable and validated the CIT(A)'s rulings. Conversely, the ITAT deleted an addition treating alleged agricultural receipts as income from other sources, accepting the assessee's explanation and directing applicable exemptions. Regarding disallowed operating expenses claimed as staff salary, telephone, car and related costs, ITAT compromised by restricting allowable expenses to 10% of total expenses (not precedent), directing recomputation as per law.....