The ITAT held that a reasonable gross profit rate of 2% should ...

Gold Trader's Reasonable Profit Rate Fixed at 2% for Unaccounted Purchases, Excess Stock Remanded for Reassessment.

December 30, 2024

Case Laws Income Tax AT

The ITAT held that a reasonable gross profit rate of 2% should be applied on unaccounted purchases of gold, instead of the AO's net profit rate of 12%. The disallowance u/s 40A(3) was deleted as the income was assessed applying the flat gross profit rate. The addition for excess stock jewellery was set aside and remanded to the AO for fresh adjudication after verifying the invoices filed by the assessee.

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The ITAT held that a reasonable gross profit rate of 2% should ...

Gold Trader's Reasonable Profit Rate Fixed at 2% for Unaccounted Purchases, Excess Stock Remanded for Reassessment.

December 30, 2024

Case Laws Income Tax AT

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