Addition of gross profit instead of net profit from the sale of ...

Court Rules Net Profit from Ghee Sales as Taxable Income, Directs Assessing Officer to Exclude Additional Amounts.

November 1, 2021

Case Laws Income Tax AT

Addition of gross profit instead of net profit from the sale of Ghee - It was the duty of the revenue to pinpoint the infirmity in the expenses apportion by the assessee towards the activity under consideration. To our understanding, all the expenses apportion by the assessee cannot be ignored without bringing any cogent reason on record. Hence, we set aside the finding of the CIT (A) and direct the AO to take the net profit declared by the assessee as taxable income and delete the amount over and above such taxable income of the assessee. - AT

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Addition of gross profit instead of net profit from the sale of ...

Court Rules Net Profit from Ghee Sales as Taxable Income, Directs Assessing Officer to Exclude Additional Amounts.

November 1, 2021

Case Laws Income Tax AT

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