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

Commissioner Correctly Adjusts Turnover; Tribunal Supports Deletion of Inflated Sales Figures by Assessing Officer.

May 21, 2021

Case Laws Income Tax HC

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

Commissioner Correctly Adjusts Turnover; Tribunal Supports Deletion of Inflated Sales Figures by Assessing Officer.

May 21, 2021

Case Laws Income Tax HC

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