8% Presumptive Profit Upheld Where No Books Maintained: ITAT Chennai Backs CIT(A)’s Estimation

Thirumal Arun Mohan Dass Vs ACIT (ITAT Chennai)

Reopening Survives, Presumptive Income Estimation @8% Sustained; Wrong Head Claim u/s 57 Corrected Partly

For AY 2015-16, Assessee, an individual civil contractor, had not filed return originally and filed return in response to notice u/s 148 declaring income by estimating profit @6% of gross receipts. AO estimated profit @10% of receipts reflected in Form 26AS. CIT(A) restricted estimation to 8% by relying on Assessee

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