https://www.taxtmi.com/caselaws?id=273297 The ITAT partially allowed the appeal of a liquor wholesale and retail business for A.Y. 2011-2012. The AO's estimation of net profit at 5% of cost of goods sold was reduced to 3%, following precedents and rejecting the government guideline of 24%. Depreciation deduction post income estimation was allowed, and the inclusion of miscellaneous income after income estimation was rejected. The ITAT directed the AO to consider 3% of cost of goods sold as income, highlighting a discrepancy between the government guideline and actual profit margins in the liquor business. en-us Wed, 20 Jul 2016 00:00:00 +0530 Fri, 15 Jun 2018 07:43:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273297 The ITAT partially allowed the appeal of a liquor wholesale and retail business for A.Y. 2011-2012. The AO's estimation of net profit at 5% of cost of goods sold was reduced to 3%, following precedents and rejecting the government guideline of 24%. Depreciation deduction post income estimation was allowed, and the inclusion of miscellaneous income after income estimation was rejected. The ITAT directed the AO to consider 3% of cost of goods sold as income, highlighting a discrepancy between the government guideline and actual profit margins in the liquor business. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273297