For a Kachha Arhatia, sales made for principals in commission transactions are not the agent's turnover; only gross commission is relevant. A GST turnover figure therefore cannot be mechanically compared with income-tax-return turnover where reconciliation identifies own trading sales, commission income and intra-day trading profit. Rejection of audited books requires a specific defect affecting their correctness or completeness, and no such defect was identified. Gross-profit estimation without comparable cases, past history, or supporting material is arbitrary. The rejection of books and consequential profit estimation were unsustainable, and returned income was directed to be accepted.
For a Kachha Arhatia, sales made for principals in commission transactions are not the agent's turnover; only gross commission is relevant. A GST turnover figure therefore cannot be mechanically compared with income-tax-return turnover where reconciliation identifies own trading sales, commission income and intra-day trading profit. Rejection of audited books requires a specific defect affecting their correctness or completeness, and no such defect was identified. Gross-profit estimation without comparable cases, past history, or supporting material is arbitrary. The rejection of books and consequential profit estimation were unsustainable, and returned income was directed to be accepted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
