https://www.taxtmi.com/caselaws?id=329413 The Tribunal partially allowed the appellant's appeal regarding income estimation and dismissed the revenue's appeal on undisclosed income assessment. The judgment highlighted the importance of maintaining proper records, audit compliance, and consistency in applying Gross Profit rates for different business sectors. The Tribunal directed the Assessing Officer to assess income at 3.5% of the total turnover, considering the nature of both retail and wholesale businesses. en-us Fri, 29 Apr 2016 00:00:00 +0530 Fri, 01 Jul 2016 12:43:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329413 The Tribunal partially allowed the appellant's appeal regarding income estimation and dismissed the revenue's appeal on undisclosed income assessment. The judgment highlighted the importance of maintaining proper records, audit compliance, and consistency in applying Gross Profit rates for different business sectors. The Tribunal directed the Assessing Officer to assess income at 3.5% of the total turnover, considering the nature of both retail and wholesale businesses. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329413