https://www.taxtmi.com/caselaws?id=10069 The court dismissed the Revenue's appeal, emphasizing the need for a fair and reasonable estimate of income based on past history and evidence. The Tribunal's decision to apply a gross profit rate of 22% instead of a net profit rate was upheld, as the declared amount under the Voluntary Disclosure of Income Scheme covered fixed expenses and not just undisclosed sales profits. The court highlighted the importance of factual findings and proper justification in determining income, ultimately leading to the rejection of the appeal. en-us Fri, 10 Sep 2004 00:00:00 +0530 Mon, 06 Jul 2009 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10069 The court dismissed the Revenue's appeal, emphasizing the need for a fair and reasonable estimate of income based on past history and evidence. The Tribunal's decision to apply a gross profit rate of 22% instead of a net profit rate was upheld, as the declared amount under the Voluntary Disclosure of Income Scheme covered fixed expenses and not just undisclosed sales profits. The court highlighted the importance of factual findings and proper justification in determining income, ultimately leading to the rejection of the appeal. Case-Laws Income Tax Fri, 10 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10069