https://www.taxtmi.com/caselaws?id=253495 The High Court reviewed an appeal by the revenue against the Tribunal's estimation of a company's gross profit rate at 12.5% for the assessment year 1997-98, compared to the 1.03% reported by the company. The Court found the 12.5% rate excessive, suggesting a 5% rate as more appropriate. Consequently, the Court directed the Assessing Officer to use a 5% gross profit rate for estimation, ruling in favor of the assessee and allowing the appeal to that extent. en-us Fri, 07 Nov 2014 00:00:00 +0530 Wed, 26 Nov 2014 06:39:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253495 The High Court reviewed an appeal by the revenue against the Tribunal's estimation of a company's gross profit rate at 12.5% for the assessment year 1997-98, compared to the 1.03% reported by the company. The Court found the 12.5% rate excessive, suggesting a 5% rate as more appropriate. Consequently, the Court directed the Assessing Officer to use a 5% gross profit rate for estimation, ruling in favor of the assessee and allowing the appeal to that extent. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253495