https://www.taxtmi.com/highlights?id=53822 Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a proper and reasonable basis for estimation of income for the year after rejection of books of account, therefore, the GP is estimated at 10.22% as against GP declared by the assessee at 10.04% for the year under consideration and differential trading addition equivalent to GP rate of 0.18% on declared turnover is upheld and the appeal of the assessee is partly allowed. en-us Wed, 24 Jun 2020 10:57:29 +0530 Wed, 24 Jun 2020 10:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53822 Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a proper and reasonable basis for estimation of income for the year after rejection of books of account, therefore, the GP is estimated at 10.22% as against GP declared by the assessee at 10.04% for the year under consideration and differential trading addition equivalent to GP rate of 0.18% on declared turnover is upheld and the appeal of the assessee is partly allowed. Highlights Income Tax Wed, 24 Jun 2020 10:57:29 +0530 https://www.taxtmi.com/highlights?id=53822