https://www.taxtmi.com/caselaws?id=273285 The Tribunal allowed the assessee's appeal, agreeing to estimate income at 3% of the cost of goods sold instead of the initial 5% determined by the Assessing Officer and upheld by the CIT(A). The Tribunal rejected the deduction of remuneration paid to partners, emphasizing that the income estimation was based on the cost of goods sold, not turnover or receipts. en-us Fri, 27 Nov 2015 00:00:00 +0530 Fri, 15 Jun 2018 07:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273285 The Tribunal allowed the assessee's appeal, agreeing to estimate income at 3% of the cost of goods sold instead of the initial 5% determined by the Assessing Officer and upheld by the CIT(A). The Tribunal rejected the deduction of remuneration paid to partners, emphasizing that the income estimation was based on the cost of goods sold, not turnover or receipts. Case-Laws Income Tax Fri, 27 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273285