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’s own subsequent years’ returns filed on presumptive basis. Tribunal noted that where no books were maintained and income its...