https://www.taxtmi.com/caselaws?id=274667 The Court upheld the Tribunal's decision, rejecting the appellant's challenge and affirming the addition in manufacturing and trading results. The Court agreed with the Tribunal's use of the previous year's gross profit rate for income estimation, citing factors affecting gross margin fluctuations. The matter was reverted to the Assessing Officer for further assessment, ultimately ruling in favor of the Department and imposing penalties under the IT Act. en-us Fri, 02 Jun 2017 00:00:00 +0530 Tue, 28 Aug 2018 10:50:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274667 The Court upheld the Tribunal's decision, rejecting the appellant's challenge and affirming the addition in manufacturing and trading results. The Court agreed with the Tribunal's use of the previous year's gross profit rate for income estimation, citing factors affecting gross margin fluctuations. The matter was reverted to the Assessing Officer for further assessment, ultimately ruling in favor of the Department and imposing penalties under the IT Act. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274667