2025 (4) TMI 2154

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....preet Singh Duggal - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals), dated 08-08-2024 in the matter of an assessment framed by Ld. AO on best judgment basis u/s 144 of the Act on 22-12-2019. The Ld. AR advanced arguments to assail the estimatio....

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....s. The assessee tabulated profitability for earlier years wherein the assessee reflected varying net profit rates. The rate of net profit for FY 2011-12 was 0.05% whereas the assessee had loss in FYs 2013- 14 to 2015-16. The assessee pleaded for estimation of net profit rate as per past trends. Left with no option, Ld. AO estimated income of 1% against net deposits of Rs. 110.68 Crores and assesse....