Estimation of gross profit - the sale price of the product ...

Case Laws Income Tax

May 2, 2016

Estimation of gross profit - the sale price of the product sometimes may be less than the purchase price when the market trend is going down. Therefore, based on the selling price, the AO cannot estimate the sales turnover for the part period by taking into account the remaining period sales - AT

View Source

← Previous Next →

Estimation of gross profit - the sale price of the product ...

Case Laws Income Tax

May 2, 2016

You may also like:

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

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

Unexplained income - Difference in amount between sale agreement and sale deed - It is not necessary that the price stated in the agreement will be the price shown in...

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

Estimation of gross profit - There is a change in the business model of the assessee as compared to the previous year which has apparently escaped the attention of the...

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

Undisclosed income - gross profit margin on unaccounted sales - It is quite possible that the assessee was able to generate more profit post search period depending upon...

Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...

Bogus purchases - GP Estimation on bogus purchases - CIT(A) was right in estimating 6% gross profit on alleged non genuine purchases and further allowed deductions...

Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales -...

Taxability of Bogus purchase - Estimation of profit - in cases where purchases are not proved with necessary evidences, only profit element embedded on those purchases...

Estimation of income - bogus purchases - As average of gross profit for each of the years works out to only 0.6% for the assessee. But it is pertinent to note that...

TP Adjustment - Naturally when sales price consists of price for warranty and After sales services, which are promised at the time of sales, naturally corresponding...

The assessee, a sole proprietor running a petrol pump allotted by BPCL, deposited unexplained cash in the current bank account. The AO invoked Section 69A and made an...

Quick Updates: