https://www.taxtmi.com/caselaws?id=67291 The assessee's first-year retail cloth business was operated in competition with established traders, so the disclosed gross profit rate of 10% was not unreasonably low on the facts. The rejection of the trading results, and the resulting estimation of turnover and gross profit by the tax authorities, was not justified. The trading results disclosed by the assessee were therefore accepted, and the estimated figures were set aside in favour of the assessee. en-us Thu, 26 Feb 1976 00:00:00 +0530 Wed, 09 Mar 2011 18:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67291 The assessee's first-year retail cloth business was operated in competition with established traders, so the disclosed gross profit rate of 10% was not unreasonably low on the facts. The rejection of the trading results, and the resulting estimation of turnover and gross profit by the tax authorities, was not justified. The trading results disclosed by the assessee were therefore accepted, and the estimated figures were set aside in favour of the assessee. Case-Laws Income Tax Thu, 26 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67291