Tribunal held that since assessee agreed for estimation of 3 per cent profit on gross receipts, reasonable profit of 3 per cent on total receipts the estimate was made at 3% to meet ends of justice. (AY. 2012-13)
Shri Lakshmanan v. ITO (2021) 189 ITD 499 (Chennai)(Trib.)
S. 144 : Best judgment assessment-Civil construction-Rejection of books of account-Estimation of 5% of net profit on gross receipts-Tribunal estimated at 3%. [S. 145(3)]