https://www.taxtmi.com/caselaws?id=243671 The High Court upheld the Tribunal's decision to reject the appellant's book results and apply a gross profit rate of 11% instead of the initially proposed 8%. The court emphasized the accuracy of income reflection for tax purposes, considering the appellant's primarily cattle feed business despite claims of engagement in cotton business. The Tribunal's estimation of income at an 11% GP rate was deemed appropriate, leading to the dismissal of the Tax Appeal with no legal issues identified by the High Court. en-us Thu, 23 Jan 2014 00:00:00 +0530 Fri, 07 Feb 2014 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243671 The High Court upheld the Tribunal's decision to reject the appellant's book results and apply a gross profit rate of 11% instead of the initially proposed 8%. The court emphasized the accuracy of income reflection for tax purposes, considering the appellant's primarily cattle feed business despite claims of engagement in cotton business. The Tribunal's estimation of income at an 11% GP rate was deemed appropriate, leading to the dismissal of the Tax Appeal with no legal issues identified by the High Court. Case-Laws Income Tax Thu, 23 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243671