https://www.taxtmi.com/caselaws?id=246196 The courts upheld the rejection of book results for the assessment years 2007-08 and 2008-09 for a pharmaceutical drug manufacturer. Additional income of Rs. 88.47 lakhs was added due to discrepancies in raw material consumption and unaccounted purchases. The CIT(Appeals) and Tribunal applied a 35% GP ratio on the excess consumption and excess sales, aligning with previous rulings and factual evidence. The courts clarified the difference between raw material consumption and sales, affirming the taxation of income based on profit elements. The Tax Appeals were dismissed, confirming the decisions of the lower authorities. en-us Mon, 07 Apr 2014 00:00:00 +0530 Thu, 05 Jun 2014 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246196 The courts upheld the rejection of book results for the assessment years 2007-08 and 2008-09 for a pharmaceutical drug manufacturer. Additional income of Rs. 88.47 lakhs was added due to discrepancies in raw material consumption and unaccounted purchases. The CIT(Appeals) and Tribunal applied a 35% GP ratio on the excess consumption and excess sales, aligning with previous rulings and factual evidence. The courts clarified the difference between raw material consumption and sales, affirming the taxation of income based on profit elements. The Tax Appeals were dismissed, confirming the decisions of the lower authorities. Case-Laws Income Tax Mon, 07 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246196