https://www.taxtmi.com/caselaws?id=176197 The Court dismissed the Revenue's appeal, upholding the decisions of the CIT(A) and the Tribunal regarding the estimated sales and gross profit (GP) rate for the assessment year 1996-97. The CIT(A) had set estimated sales at Rs. 55,00,000 with a GP rate of 25%, which the Tribunal adjusted to 25.95% based on the assessee's previous year's GP rate. The Court found these determinations just and reasonable, emphasizing that best judgment assessments are estimates and cannot be exact. The Court ruled in favor of the assessee, affirming the lower authorities' decisions. en-us Tue, 13 Jan 2009 00:00:00 +0530 Thu, 02 Nov 2023 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176197 The Court dismissed the Revenue's appeal, upholding the decisions of the CIT(A) and the Tribunal regarding the estimated sales and gross profit (GP) rate for the assessment year 1996-97. The CIT(A) had set estimated sales at Rs. 55,00,000 with a GP rate of 25%, which the Tribunal adjusted to 25.95% based on the assessee's previous year's GP rate. The Court found these determinations just and reasonable, emphasizing that best judgment assessments are estimates and cannot be exact. The Court ruled in favor of the assessee, affirming the lower authorities' decisions. Case-Laws Income Tax Tue, 13 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176197