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2017 (1) TMI 179 - HC - Income TaxEstimation of income - GP addition - assessee engaged in the whole sale business of Stones - Held that:- Tribunal has committed serious error in estimating the income at ₹ 4 lacs, without any basis. Therefore, as such the addition of ₹ 4 lacs made by the Tribunal is arbitrary and without any basis. In the fact of the present case Tribunal has fallen into an error even the estimating GP rate @ 10.38% on the basis of retailer's turnover particularly looking to the assessee's turnover which has been shown to the 40 times to his capital, while in all other cases it ranges between 2.5 times to 7 times only. - Decided in favour of the assessee.
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