https://www.taxtmi.com/caselaws?id=195162 The Tribunal upheld the Commissioner's decision regarding the disallowance of the purchase amount and the adoption of the Net Profit rate for determining taxable income. The Tribunal considered the peculiar nature of the business, emphasizing the high volume, low margin characteristics and the lack of possibility for a 15% margin in this trade. Comparable cases in the region were also taken into account, leading to the decision to adopt a Net Profit rate of 2% instead of the 1.08% disclosed by the appellant. The Tribunal dismissed both the Revenue's appeal and the assessee's Cross Objection, as the issue had been thoroughly considered and decided in previous cases. en-us Wed, 07 Dec 2016 00:00:00 +0530 Tue, 17 Oct 2017 15:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195162 The Tribunal upheld the Commissioner's decision regarding the disallowance of the purchase amount and the adoption of the Net Profit rate for determining taxable income. The Tribunal considered the peculiar nature of the business, emphasizing the high volume, low margin characteristics and the lack of possibility for a 15% margin in this trade. Comparable cases in the region were also taken into account, leading to the decision to adopt a Net Profit rate of 2% instead of the 1.08% disclosed by the appellant. The Tribunal dismissed both the Revenue's appeal and the assessee's Cross Objection, as the issue had been thoroughly considered and decided in previous cases. Case-Laws Income Tax Wed, 07 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195162