https://www.taxtmi.com/caselaws?id=330827 The High Court of Gujarat ruled in favor of the appellant in a case challenging the estimation of gross profits in a transport business. The Court held that in the absence of defects in the accounts, the estimated profit should be based on the accounts furnished by the assessee. It emphasized the importance of not presuming or judging the estimated profit without proper basis and rejected the Tribunal's decision to adjust the gross profit rate. The Court upheld the appellant's challenge, highlighting the need to accept accounts as presented and rejecting arbitrary estimations of gross profits. en-us Mon, 04 Jul 2016 00:00:00 +0530 Sat, 06 Aug 2016 13:50:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330827 The High Court of Gujarat ruled in favor of the appellant in a case challenging the estimation of gross profits in a transport business. The Court held that in the absence of defects in the accounts, the estimated profit should be based on the accounts furnished by the assessee. It emphasized the importance of not presuming or judging the estimated profit without proper basis and rejected the Tribunal's decision to adjust the gross profit rate. The Court upheld the appellant's challenge, highlighting the need to accept accounts as presented and rejecting arbitrary estimations of gross profits. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330827