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2015 (3) TMI 97 - HC - Income TaxTotal income reduced below the Returned Total income by ITAT - Held that:- A.O. has estimated the total income at ₹ 10,12,289/-. During the assessment year under consideration, the assessee has shown gross profit @0.5% on the total turn over. It also appears from the record that in the earlier years, the Department had accepted the turn over @ 0.6%. But the fact remains that during the assessment year under consideration, the quantum of turn over was higher so the Tribunal has rightly observed that the gross profit shown by the assessee @ 0.5% is justifiable. From the above, it is clear that addition was made on estimate basis. Needless to mention that the estimation is a question of fact which is based merely on guess work and addition on estimate basis is not sustainable. The issue involved in this appeal is a question of fact, which was rightly decided by Tribunal. - Decided in favour of assessee.
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