Understatement of sales price / turnover - there was no ...

Revenue Fails to Prove Unrecorded Sales; Profit Decline Alone Insufficient to Reject Books of Accounts.

June 22, 2020

Case Laws Income Tax AT

Understatement of sales price / turnover - there was no allegation by the Revenue that the assessee by making the sale at a price lower than the cost of purchase has received some consideration without recording the same in the books of accounts. - Decline in the GP rate and NP rate in comparison to the immediately preceding assessment year cannot be criteria to reject the books.

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Understatement of sales price / turnover - there was no ...

Revenue Fails to Prove Unrecorded Sales; Profit Decline Alone Insufficient to Reject Books of Accounts.

June 22, 2020

Case Laws Income Tax AT

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