https://www.taxtmi.com/caselaws?id=71066 The assessing officer estimated gross profits at 35% for certain years for a registered firm operating a hotel and restaurant, leading to additional profits. The AAC reduced the estimated gross profit rate to 30%, and further to 25% considering income from the Bar. Interest on a construction loan was disallowed by the assessing officer, but the Tribunal deleted the disallowance, recognizing the loan's business purpose. An unexplained investment addition was reduced by the AAC and further restricted by the Tribunal, acknowledging the expenditure recorded in the books. The appeals were partly allowed, resulting in modifications to the assessments of the firm and its partners. en-us Tue, 18 Aug 1981 00:00:00 +0530 Thu, 21 Apr 2011 11:45:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71066 The assessing officer estimated gross profits at 35% for certain years for a registered firm operating a hotel and restaurant, leading to additional profits. The AAC reduced the estimated gross profit rate to 30%, and further to 25% considering income from the Bar. Interest on a construction loan was disallowed by the assessing officer, but the Tribunal deleted the disallowance, recognizing the loan's business purpose. An unexplained investment addition was reduced by the AAC and further restricted by the Tribunal, acknowledging the expenditure recorded in the books. The appeals were partly allowed, resulting in modifications to the assessments of the firm and its partners. Case-Laws Income Tax Tue, 18 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71066