AdvertisementDilip Tillumal Lalwani Vs DCIT (ITAT Pune) Pune ITAT Reduces Estimated Gross Profit from 10% to 7%; Arbitrary Estimation Without Comparable Cases Held Unsustainable The Pune ITAT held that although the rejection of books of account under section 145(3) was justified due to discrepancies noticed by the Assessing Officer, the estimation of gross profit at 10% in the case of a retail liquor trader was arbitrary and excessive. The Tribunal observed that the assessee had consistently disclosed gross profit ranging between 4.79% and 6.47% and net profit between 3.11% and 4.53% over several assessmen...