https://www.taxtmi.com/caselaws?id=213000 The Tribunal dismissed all Revenue appeals and Cross Objections by the assessees, upholding the CIT(A)'s orders on estimating suppressed turnover and levying interest under Section 234B. The estimation of suppressed turnover was based on a 3% net profit of purchases or stock put for sale, deemed reasonable given the lack of past history for the assessee. The Tribunal affirmed the crediting of tax collected at source before calculating the advance tax shortfall, in line with relevant legal provisions and precedents. en-us Fri, 30 Mar 2012 00:00:00 +0530 Thu, 03 May 2012 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213000 The Tribunal dismissed all Revenue appeals and Cross Objections by the assessees, upholding the CIT(A)'s orders on estimating suppressed turnover and levying interest under Section 234B. The estimation of suppressed turnover was based on a 3% net profit of purchases or stock put for sale, deemed reasonable given the lack of past history for the assessee. The Tribunal affirmed the crediting of tax collected at source before calculating the advance tax shortfall, in line with relevant legal provisions and precedents. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213000