https://www.taxtmi.com/forum/issue?id=113778 Tribunals direct that where liquor retailers' books or sales invoices are unverifiable, taxable income should be estimated by applying a reasonable net-profit margin to purchases or stock put to sale, guided by comparable precedents and adjusted for business character; such estimated income must not be lower than the returned income. Revenue reliance on government excise margins to fix turnover has been moderated by tribunals which consider past performance and business mix, and tribunals have also limited separate additions when income is determined by estimation and accepted identifiable cash gifts where plausible. en-us Thu, 24 May 2018 23:57:46 +0530 Thu, 23 Jan 2025 15:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113778 Tribunals direct that where liquor retailers' books or sales invoices are unverifiable, taxable income should be estimated by applying a reasonable net-profit margin to purchases or stock put to sale, guided by comparable precedents and adjusted for business character; such estimated income must not be lower than the returned income. Revenue reliance on government excise margins to fix turnover has been moderated by tribunals which consider past performance and business mix, and tribunals have also limited separate additions when income is determined by estimation and accepted identifiable cash gifts where plausible. Discussion-Forum Income Tax Thu, 24 May 2018 23:57:46 +0530 https://www.taxtmi.com/forum/issue?id=113778