Assessee's business (Liquor business) is such that it cannot ...

Liquor business financial records accepted; 8% estimated profit rate rejected due to minor discrepancies. Accurate audited results preferred.

July 5, 2016

Case Laws Income Tax AT

Assessee's business (Liquor business) is such that it cannot maintain proper sale bills and the profit varies from area to area and small variation of the profit cannot be ruled out. No ground for rejecting the book results. Therefore, declared audited results are to be accepted and estimation of income by applying profit rate of 8% was not proper.

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Assessee's business (Liquor business) is such that it cannot ...

Liquor business financial records accepted; 8% estimated profit rate rejected due to minor discrepancies. Accurate audited results preferred.

July 5, 2016

Case Laws Income Tax AT

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