https://www.taxtmi.com/caselaws?id=259440 The High Court dismissed the Revenue's appeal under section 260A of the Income-tax Act, 1961 against the order of the Income-tax Appellate Tribunal regarding suppressed production and gross profit rate. The Court upheld the Tribunal's decision to apply a gross profit rate of 23% for determining income from manufacturing, emphasizing the importance of corroborative evidence in assessing production figures. The Court found the Assessing Officer's reliance on power consumption alone as insufficient and supported the Tribunal's approach of considering various factors in determining income. The appeal was dismissed for lack of merit, affirming the decisions of the lower authorities. en-us Mon, 11 Aug 2014 00:00:00 +0530 Mon, 11 May 2015 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259440 The High Court dismissed the Revenue's appeal under section 260A of the Income-tax Act, 1961 against the order of the Income-tax Appellate Tribunal regarding suppressed production and gross profit rate. The Court upheld the Tribunal's decision to apply a gross profit rate of 23% for determining income from manufacturing, emphasizing the importance of corroborative evidence in assessing production figures. The Court found the Assessing Officer's reliance on power consumption alone as insufficient and supported the Tribunal's approach of considering various factors in determining income. The appeal was dismissed for lack of merit, affirming the decisions of the lower authorities. Case-Laws Income Tax Mon, 11 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259440