https://www.taxtmi.com/caselaws?id=184050 The Appellate Tribunal ITAT Hyderabad partly allowed the Revenue's appeals against orders by the CIT(A) for assessment years 2007-08 & 2008-09 regarding the estimation of turnover in liquor trade. The Tribunal directed the Assessing Officer to estimate the net profit at 5% of purchases or stock put for sale during the year, ensuring the assessed income is not less than the returned income. This decision clarified principles for estimating income in liquor trade cases, emphasizing the significance of considering past business history and comparable cases for accurate assessments. en-us Fri, 18 May 2012 00:00:00 +0530 Sat, 17 Jun 2017 19:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184050 The Appellate Tribunal ITAT Hyderabad partly allowed the Revenue's appeals against orders by the CIT(A) for assessment years 2007-08 & 2008-09 regarding the estimation of turnover in liquor trade. The Tribunal directed the Assessing Officer to estimate the net profit at 5% of purchases or stock put for sale during the year, ensuring the assessed income is not less than the returned income. This decision clarified principles for estimating income in liquor trade cases, emphasizing the significance of considering past business history and comparable cases for accurate assessments. Case-Laws Income Tax Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184050