https://www.taxtmi.com/caselaws?id=396503 The Tribunal upheld the rejection of the appellant's books of accounts by the Assessing Officer and directed the estimation of gross profit based on an average of the current and preceding years, resulting in a gross profit ratio of 11.31%. The Tribunal considered fluctuations in the appellant's net profit ratio over the years and allowed the appeal, deleting additions made by the AO and confirmed by the CIT (A) on commission expenses, fines and penalties, and interest on FDR. The decision emphasized assessing the gross profit ratio based on historical business background and specific circumstances of each assessment year. en-us Thu, 02 Jul 2020 00:00:00 +0530 Wed, 08 Jul 2020 11:53:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396503 The Tribunal upheld the rejection of the appellant's books of accounts by the Assessing Officer and directed the estimation of gross profit based on an average of the current and preceding years, resulting in a gross profit ratio of 11.31%. The Tribunal considered fluctuations in the appellant's net profit ratio over the years and allowed the appeal, deleting additions made by the AO and confirmed by the CIT (A) on commission expenses, fines and penalties, and interest on FDR. The decision emphasized assessing the gross profit ratio based on historical business background and specific circumstances of each assessment year. Case-Laws Income Tax Thu, 02 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396503