https://www.taxtmi.com/caselaws?id=164996 In fiscal assessment, liability cannot be sustained on an estimated admission made for a different purpose when the record shows a different actual gross profit. The Karnataka HC noted that the books and supporting material disclosed gross profit of 14.3 per cent, so the appellate authority was correct in rejecting the 30 per cent addition and the revisional authority lacked basis to interfere. Assessment must rest on the statutory scheme and evidence on record, not on an estimate that was not intended as a true profit computation. The revisional order was therefore set aside and the appellate relief in favour of the assessee stood confirmed. en-us Thu, 26 Aug 2010 00:00:00 +0530 Fri, 26 Sep 2014 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164996 In fiscal assessment, liability cannot be sustained on an estimated admission made for a different purpose when the record shows a different actual gross profit. The Karnataka HC noted that the books and supporting material disclosed gross profit of 14.3 per cent, so the appellate authority was correct in rejecting the 30 per cent addition and the revisional authority lacked basis to interfere. Assessment must rest on the statutory scheme and evidence on record, not on an estimate that was not intended as a true profit computation. The revisional order was therefore set aside and the appellate relief in favour of the assessee stood confirmed. Case-Laws VAT and Sales Tax Thu, 26 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164996