Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (9) TMI 161 - HC - Income TaxGross profit rate - estimation of a reasonable gross profit of 10% keeping in view the gross profit rate of 24% shown by the respondent-assessee in some years - A.O. adopted the rate of gross profit at 10% for all the years and arrived the difference – Held that: - It is necessary to point out discrepancies in respect of closing stock, purchases, sales etc. before resorting to estimation of G.P. No such exercise has been done to do so in this case - A.O. is directed to delete the estimated addition from the total income of the assessee.
|