https://www.taxtmi.com/caselaws?id=3338 The High Court upheld the Tribunal's decision in a tax assessment case involving an assessee honored under a taxpayer scheme but subjected to scrutiny. The Court affirmed the rejection of certain expenses and best judgment assessment, emphasizing the non-absolute nature of immunity from scrutiny. It directed proper inquiries by the assessing officer and reassessment based on the GP rate. The Court found interference with the assessment unjust but allowed flexibility in determining the GP rate based on the assessee's material and explanations. The appeal was disposed of, highlighting the assessing officer's discretion in GP rate determination without a fixed formula. en-us Wed, 15 Nov 2006 00:00:00 +0530 Tue, 29 Jul 2008 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3338 The High Court upheld the Tribunal's decision in a tax assessment case involving an assessee honored under a taxpayer scheme but subjected to scrutiny. The Court affirmed the rejection of certain expenses and best judgment assessment, emphasizing the non-absolute nature of immunity from scrutiny. It directed proper inquiries by the assessing officer and reassessment based on the GP rate. The Court found interference with the assessment unjust but allowed flexibility in determining the GP rate based on the assessee's material and explanations. The appeal was disposed of, highlighting the assessing officer's discretion in GP rate determination without a fixed formula. Case-Laws Income Tax Wed, 15 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3338