https://www.taxtmi.com/caselaws?id=264086 The High Court upheld the appellate authority's decision to delete suppressed purchases and estimate income based on a 6% net profit rate on total purchases in a case involving a natural rubber dealer. The Court agreed that rejecting the books of accounts justified using a net profit rate and emphasized the industry's trading practices. The Department's appeal challenging the deletion of suppressed purchases was dismissed, affirming the appellate authority's decision. en-us Mon, 14 Sep 2015 00:00:00 +0530 Thu, 17 Sep 2015 08:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264086 The High Court upheld the appellate authority's decision to delete suppressed purchases and estimate income based on a 6% net profit rate on total purchases in a case involving a natural rubber dealer. The Court agreed that rejecting the books of accounts justified using a net profit rate and emphasized the industry's trading practices. The Department's appeal challenging the deletion of suppressed purchases was dismissed, affirming the appellate authority's decision. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264086