Held that since assessee had declared net profit at 6.5 per cent on turnover of 7.25 crores which was higher than net profit declared by it in preceding year, in absence of any reasonable basis, criteria or guidelines applied by Assessing Officer, adoption of net profit at 7 per cent was not justified. (AY. 2013-14)
L.P.R. Construction v. DCIT (2021) 190 ITD 439 (All.)(Trib.)
S. 145 : Method of accounting-Rejection of books of account and estimate of net profit at 7% as against net profit of 6.5% shown by the assessee-Adoption of net profit at 7% was held to be unjustified. [S.145 (3)]