https://www.taxtmi.com/caselaws?id=388814 The appeal by the Revenue against the order of the Income Tax Appellate Tribunal regarding the assessment of taxable income based on gross profit rate for the respondent assessee for the Assessment Year 2011-12 was dismissed. The Tribunal and High Court held that as the Assessing Officer did not reject the books of accounts presented by the assessee, it was not appropriate to assess the net profit based on industry standards alone. Therefore, the appeal was dismissed, affirming the Tribunal's decision. en-us Fri, 15 Nov 2019 00:00:00 +0530 Fri, 22 Nov 2019 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388814 The appeal by the Revenue against the order of the Income Tax Appellate Tribunal regarding the assessment of taxable income based on gross profit rate for the respondent assessee for the Assessment Year 2011-12 was dismissed. The Tribunal and High Court held that as the Assessing Officer did not reject the books of accounts presented by the assessee, it was not appropriate to assess the net profit based on industry standards alone. Therefore, the appeal was dismissed, affirming the Tribunal's decision. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388814