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        Case ID :
        Income Tax

        Ad hoc gross profit estimation was held inappropriate where the...

        Ad hoc gross profit estimation rejected where surrendered excess stock had to be accounted for under AS-2 valuation principles.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Ad hoc gross profit estimation was held inappropriate where the Revenue sought to reject books of account after a survey and treat surrendered excess stock as a basis for additional income. The Tribunal noted that gross profit rates may vary between pre-survey and post-survey periods because market prices fluctuate, and that excess stock found in survey must be brought into the books and reflected in closing stock at the lower of cost or market price under AS-2. On that reasoning, the books could not be rejected on the stated grounds and the addition founded on ad hoc gross profit estimation was not sustainable.
                                Note: It is a system-generated summary and is for quick reference only.
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                                  ActsIncome Tax
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