ITAT Rules Tax Authorities Must Verify Actual Turnover Before Estimating Contractor’s Income at 8%

Civil Contractor Faced Rs. 1.51 Crore Addition After AO Applied 10% Profit Rate on Rs. 26.94 Crore Receipts; ITAT Orders Fresh Examination and 8% Profit Estimation The ITAT Bangalore has provided relief to taxpayer Sri Yenubothula Venkat Ramana, a civil contractor from Mysore, by sending his case back to the Assessing Officer (AO) for fresh…