https://www.taxtmi.com/caselaws?id=407071 Where book results are rejected, income must be estimated on a reasonable net profit rate having regard to past results and the totality of circumstances. The first appellate authority's addition based on an additional income offer at 1% of turnover was not sustained because no satisfactory basis was shown for that rate. The estimated profit was instead directed to be computed at 4.5% of turnover, reflecting the assessee's earlier profit rates and the current year's declared margin. The appellate order was modified accordingly, with the computation to follow the revised net profit rate. en-us Thu, 08 Apr 2021 00:00:00 +0530 Fri, 30 Apr 2021 08:23:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407071 Where book results are rejected, income must be estimated on a reasonable net profit rate having regard to past results and the totality of circumstances. The first appellate authority's addition based on an additional income offer at 1% of turnover was not sustained because no satisfactory basis was shown for that rate. The estimated profit was instead directed to be computed at 4.5% of turnover, reflecting the assessee's earlier profit rates and the current year's declared margin. The appellate order was modified accordingly, with the computation to follow the revised net profit rate. Case-Laws Income Tax Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407071