Profit estimation by AO cannot be arbitrary or without any basis

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 income @ 6% by r...