https://www.taxtmi.com/caselaws?id=66265 Where an assessee's turnover has materially increased and the business profile explains a modest decline in gross profit, the disclosed book results may still be accepted as reasonable. The ITAT Hyderabad held that a gross profit rate of 6% was acceptable in light of the higher trading volume and quick turnover in the relevant line of business. On that basis, the ad hoc addition made for low gross profit was deleted, and the assessee's book results were accepted. en-us Tue, 15 Mar 1977 00:00:00 +0530 Wed, 23 Feb 2011 12:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66265 Where an assessee's turnover has materially increased and the business profile explains a modest decline in gross profit, the disclosed book results may still be accepted as reasonable. The ITAT Hyderabad held that a gross profit rate of 6% was acceptable in light of the higher trading volume and quick turnover in the relevant line of business. On that basis, the ad hoc addition made for low gross profit was deleted, and the assessee's book results were accepted. Case-Laws Income Tax Tue, 15 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66265