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2018 (8) TMI 972 - AT - Income TaxEstimation of Income - Low Gross Profit (GP) rate - assessee expressed inability to furnish all supporting bills for purchase of materials and complete address and details of sundry creditors and also assessee failed to furnish supporting bills and vouchers in respect of transportation charges and wages. - Held that:- rate of net profit at 5. 35%, 5. 16% and 5. 15% has been accepted by the department in the case of the assessee itself for the preceding assessment years 2007-08, 2008-09 and 2009-2010. In the assessment year under consideration, the assessee has shown net profit rate at 5. 07%. - there is force in the arguments of ld A. R. of the assessee that net profit for the year under consideration should be estimated at 6% of the gross turnover. We modify the order accordingly. Thus, the grounds of appeal taken by the assessee are partly allowed.
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