https://www.taxtmi.com/highlights?id=49603 Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a higher rate (8%) until and unless some cogent and tangible reasons are shown for doing so. Accordingly, estimation of income from the liquor business is restricted to 6%. en-us Thu, 03 Oct 2019 07:54:48 +0530 Thu, 03 Oct 2019 07:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=49603 Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a higher rate (8%) until and unless some cogent and tangible reasons are shown for doing so. Accordingly, estimation of income from the liquor business is restricted to 6%. Highlights Income Tax Thu, 03 Oct 2019 07:54:48 +0530 https://www.taxtmi.com/highlights?id=49603