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2023 (10) TMI 1237 - ITAT VISAKHAPATNAMEstimation of gross profit @8% on total gross receipts - Assessee argued it on higher side - assessee is doing business of buying bananas from farmers and selling them to traders - HELD THAT:- As assessee has not placed any material to establish that the estimation of 8% is exorbitant and on higher side. Therefore, in the absence of such evidence, no hesitation to come to the conclusion that 8% of gross receipts is reasonable and therefore dismiss the ground raised by the assessee. Wrong assessment of income by the AO - excess amount [Profit estimation] as wrongly adopted by the Learned Assessing Officer in the computation sheet - HELD THAT:- It is undisputed fact that profit is estimated @8% on gross receipts of Rs. 3,60,84,530/- which comes to Rs. 28,86,760/-, but an amount of Rs. 29,68,705/- was taken wrongly by the AO in the computation. Hence,direct the AO to adopt the correct amount of Rs. 28,86,760/- instead of Rs. 29,68,705/- in the computation and pass order accordingly. Accordingly, the ground raised by the assessee is allowed.
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