Estimating net profit by applying 1.33% rate on estimated gross ...

Estimated net profit based on 1.33% of gross receipts from past audits. Interest, commission & rental income excluded.

Case Laws Income Tax

July 17, 2024

Estimating net profit by applying 1.33% rate on estimated gross receipts based on audited profit & loss accounts for previous years. Separate addition for interest, commission, and rental income disallowed, directing verification of disclosure and inclusion in offered profit. Grounds partly allowed after considering past history, financial crunch, and nature of business.

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Estimating net profit by applying 1.33% rate on estimated gross ...

Estimated net profit based on 1.33% of gross receipts from past audits. Interest, commission & rental income excluded.

Case Laws Income Tax

July 17, 2024

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