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2014 (2) TMI 270 - GUJARAT HIGH COURTEstimation of gross profit rate - Held that:- The assessee has shown gross profit rate of 17.82% in assessment year 2005- 06 and 10.26% in assessment year 2004-05 - Keeping in view the aforesaid rates of gross profit shown by the assessee itself in preceding 2 years, it is considered proper to direct the Assessing Officer to apply gross profit rate of 11% as against 17.82% applied by him and 8% applied by the CIT(A) - There is bound to be some estimation and guess work when the Tribunal on the basis of the recent rate of return of the assessee’s business in his own case, estimated the GP rate at 11% - Decided against assessee.
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