High Court and ITAT Overturn AO's Unsupported 25% Profit Estimate, Citing Lack of Evidence and Credible Material.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Estimation of income @ 25% - ITAT deleted the addition - We are at one with the Tribunal in taking the view that the AO wrongly determined the profit at the rate of 25%, without any basis or credible material. - HC....