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2022 (7) TMI 330 - ITAT HYDERABADEstimation of income - GP estimation - Assessee pleaded before CIT-A that estimation of business income at 10% of total Revenue is very harsh and that too without any material - Assessee pleaded for the estimated 5% on the gross receipts - HELD THAT:- In the preceding paragraphs, while dealing with the issue for the assessment year 2012-13, we reached a conclusion that the estimate of income of the assessee at 5% of the gross receipts would be proper and would meet the ends of justice, having regard to the nature of business and the other attendant circumstances like market competition, high fluctuations, shortage of liquidity etc. With this view of the matter, we allow the contentions of the assessee and direct that the income of the assessee may be estimated at 5% of the gross receipts for the assessment year 2017-18 also.
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