Shri Ramuservai Ganesan vs. ITO

Parties Involved

Facts Summary

The case involves an appeal by the assessee, Shri Ramuservai Ganesan, a vegetable trader, against an assessment order by the Commissioner of Income Tax (Appeals). The assessee contested the addition of Rs.53.87 Lacs made by the Assessing Officer on an estimate basis, which was later reduced to 8% by the Commissioner of Income Tax (Appeals). The assessee argued that the estimation was too high considering the thin margins of the business. The Tribunal further reduced the estimation to 4% of turnover and directed the Assessing Officer to recompute the income of the assessee.…

Legal Issues

• 1. Estimation of profit by the Assessing Officer

Judgment Outcome

Decided in favour of Assessee.

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