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<h1>ITAT Jabalpur adjusts gross profit rates for hardware and medicine businesses</h1> The ITAT Jabalpur allowed the assessee's appeal for the assessment year 1973-74, finding the gross profit rates applied by the AAC excessive. The Tribunal ... - The Appellate Tribunal ITAT Jabalpur allowed the appeal filed by the assessee for the assessment year 1973-74 against the order of the AAC. The Tribunal held that the estimated gross profit rates of 17 1/2 per cent and 15 per cent on the sales in hardware and medicine businesses were excessive, and directed the ITO to modify the assessment based on gross profit rates of 15 per cent and 10 per cent, respectively.
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