https://www.taxtmi.com/caselaws?id=250217 The High Court upheld the decision of the ITAT to allow a deduction for sales tax payment while applying a net profit rate for income estimation. The court found that expenses, including sales tax payment, could be considered in estimating income based on a net profit rate. The court concluded that the deduction for sales tax payment was justified and did not affect the reasonableness of the income estimate. The appeal by the Revenue was dismissed, and the relief granted by the CIT(A) for allowing the deduction towards sales tax payment was affirmed. en-us Thu, 03 Jul 2014 00:00:00 +0530 Wed, 06 Aug 2014 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250217 The High Court upheld the decision of the ITAT to allow a deduction for sales tax payment while applying a net profit rate for income estimation. The court found that expenses, including sales tax payment, could be considered in estimating income based on a net profit rate. The court concluded that the deduction for sales tax payment was justified and did not affect the reasonableness of the income estimate. The appeal by the Revenue was dismissed, and the relief granted by the CIT(A) for allowing the deduction towards sales tax payment was affirmed. Case-Laws Income Tax Thu, 03 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250217