Fall in GP rate - The estimate of GP at 18.11% even in respect ...

Assessing Officer's 18.11% Gross Profit Rate for Assessee's Trading Turnover Declared Unfounded and Untenable.

January 4, 2014

Case Laws Income Tax AT

Fall in GP rate - The estimate of GP at 18.11% even in respect of turnover relating to own trading of the assessee by the AO was without any basis and consequently untenable - AT

View Source

← Previous Next →

Fall in GP rate - The estimate of GP at 18.11% even in respect ...

Assessing Officer's 18.11% Gross Profit Rate for Assessee's Trading Turnover Declared Unfounded and Untenable.

January 4, 2014

Case Laws Income Tax AT

You may also like:

Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

The assessee declared purchases from parties issuing bogus purchase vouchers without actual transactions, merely laundering unaccounted money to claim deduction u/s...

Once the sales are accepted, the entire undisclosed purchases cannot be added for computing the income of the assessee except by applying a profit rate i.e. gross profit...

In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A),...

The case pertains to the denial of exemption u/s 11 of the Income Tax Act to an assessee society, questioning whether its activities qualify as charitable or commercial....

Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

Income deemed to accrue or arise in India - Attribution of Profit to permanent establishment (PE) in India - The Tribunal observed that while the Assessing Officer...

Alleged fraudulent transactions and non-genuine losses claimed by the assessee in currency option trades on the United Stock Exchange (USE). The key points are: The...

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

The percentage of profit vis-a-vis turnover estimated by the AO works out to approximately 43%, which in our humble opinion, is absurd in the line of this business, not...

The ITAT held that a reasonable gross profit rate of 2% should be applied on unaccounted purchases of gold, instead of the AO's net profit rate of 12%. The disallowance...

Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

Quick Updates: