2023 (4) TMI 65

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..... by the Tribunal we find that the Tribunal has not only considered the estimation of the Net Profit in respect of the assessee s sister concern but has also taken note of the Net Profit declared by the assessee for the assessment year 2009-2010 to 2011-2012 which were within the range of 0.2% to 0.29% and even in the scrutiny proceeding of the assessee s case Net Profit was estimated below one per .....

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..... s deemed to be proper service. We have perused affidavit filed in support of the petition and found sufficient cause has been shown for not being able to prefer the appeal within the period of limitation. Hence, the delay in filing the appeal is condoned. The petition stands allowed. This appeal has been filed under Section 260A of the Income Tax Act, 1961 (the Act for brevity) is directe .....

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..... Percentage could not have been done by a person of Normal Prudence on such facts and materials brought and available on record especially when the assessee was found to have been engaged in the business of construction and the assessee had not brought any fresh material or evidence before the Learned Income Tax Appellate Tribunal which justified and corroborated the decision of Learned Income Tax .....

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