In a case regarding GP estimation, the Assessing Officer (AO) ...

Tribunal rejects AO's profit estimation; accepts assessee's disclosed 5.99% profit.

Case Laws Income Tax

November 9, 2024

In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A), considering past orders, estimated 7% profit. However, the Tribunal held that since the assessee had already disclosed 5.99% profit, no further estimation was required. The profit from the disputed Sri Lanka project was part of the total declared profit. Consequently, the assessee's appeal was allowed, and the AO's estimation was rejected by the ITAT (Appellate Tribunal).

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In a case regarding GP estimation, the Assessing Officer (AO) ...

Tribunal rejects AO's profit estimation; accepts assessee's disclosed 5.99% profit.

Case Laws Income Tax

November 9, 2024

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