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Income Tax - Highlights / Catch Notes

Home Highlights May 2021 Year 2021 This

Computation of gross profit - estimation and enhancement of ...

Income Tax

May 21, 2021

Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual purchases would inflate the sale, therefore, the CIT(Appeals) has rightly found that the total turnover was much lower as against the turnover estimated by the Assessing Officer. Therefore, the ClT (Appeals) has rightly deleted the addition made by the Assessing Officer. - HC

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