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Profit estimation by AO cannot be arbitrary or without any basis
Case Law Details
- Case Name
- Dwaraka Pershad Radhey Ramanlal Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All High Courts, ITAT Hyderabad
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Dwaraka Pershad Radhey Ramanlal Vs ACIT (ITAT Hyderabad)
ITAT Hyderabad held that profit estimation cannot be arbitrary or without any basis. Accordingly, estimation of profit @6% on total contract receipts is reduced to 4%. Accordingly, appeal of the assessee allowed.
Facts- The assessee-firm is a civil contractor. This appeal has been filed by the Assessee against the order dated 26.07.2024, of the CIT(A)-National Faceless Appeal Centre, Delhi, relating to the assessment year 2017-2018. The sole substantive ground raised by the assessee in the instant appeal is estimation of...
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