Profit estimation of 10% instead of 8% adopted under presumptive taxation scheme justified

Advertisement Shiv Shakti Construction Vs ACIT (ITAT Delhi) ITAT Delhi held that estimation of profit at 10%, instead of 8% as adopted under presumptive scheme of taxation provided u/s. 44AD, justified as the same is guided by the principles of objectivity, fairness and consideration of justice. Facts- The assessee a partnership firm is engaged in 100% Government contracts only and is a government approved civil contractor. The assessee is engaged in the execution of irrigation development activities including earth work, canal lining works, river and canal protection works and other work o...