https://www.taxtmi.com/caselaws?id=25669 The court ruled in favor of the Revenue, holding that the Tribunal was not justified in applying the gross profit rate to gross turnover, including sales tax. The court found that the sales tax amount realized by the assessee formed part of its trading or business receipts and should be excluded from the gross profit calculation. Therefore, the proviso to section 145(1) was correctly applied by the Income-tax Officer and the Appellate Assistant Commissioner. As a result, the Department's appeal was successful, and each party was ordered to bear their own costs. en-us Fri, 20 Mar 1987 00:00:00 +0530 Sat, 30 Jan 2010 11:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25669 The court ruled in favor of the Revenue, holding that the Tribunal was not justified in applying the gross profit rate to gross turnover, including sales tax. The court found that the sales tax amount realized by the assessee formed part of its trading or business receipts and should be excluded from the gross profit calculation. Therefore, the proviso to section 145(1) was correctly applied by the Income-tax Officer and the Appellate Assistant Commissioner. As a result, the Department's appeal was successful, and each party was ordered to bear their own costs. Case-Laws Income Tax Fri, 20 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25669