https://www.taxtmi.com/caselaws?id=414284 The Tribunal upheld the CIT(A)'s decision to estimate the gross profit rate at 40% instead of 57.01% for the partnership firm engaged in the coke industry. The difference was classified as "Income from other sources," denying the deduction claimed under Section 80IC of the Income Tax Act. The Tribunal dismissed the appeals for multiple assessment years, citing discrepancies in financials and the failure to provide material support to justify the profits earned, leading to the rejection of book results and the lower profit rate estimation. en-us Tue, 14 Sep 2021 00:00:00 +0530 Mon, 01 Nov 2021 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414284 The Tribunal upheld the CIT(A)'s decision to estimate the gross profit rate at 40% instead of 57.01% for the partnership firm engaged in the coke industry. The difference was classified as "Income from other sources," denying the deduction claimed under Section 80IC of the Income Tax Act. The Tribunal dismissed the appeals for multiple assessment years, citing discrepancies in financials and the failure to provide material support to justify the profits earned, leading to the rejection of book results and the lower profit rate estimation. Case-Laws Income Tax Tue, 14 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414284