https://www.taxtmi.com/caselaws?id=27840 The High Court upheld the assessment of income based on turnover and gross profit estimation for an assessee firm involved in the rice business. The court supported the Income Tax Officer's estimation of income at 4% of turnover due to discrepancies found during a raid. Additionally, the court ruled in favor of charging interest under section 139(4) of the Income Tax Act, even when no extension application was made, aligning with legislative intent and previous court decisions. en-us Wed, 27 Jul 1983 00:00:00 +0530 Tue, 16 Feb 2010 13:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27840 The High Court upheld the assessment of income based on turnover and gross profit estimation for an assessee firm involved in the rice business. The court supported the Income Tax Officer's estimation of income at 4% of turnover due to discrepancies found during a raid. Additionally, the court ruled in favor of charging interest under section 139(4) of the Income Tax Act, even when no extension application was made, aligning with legislative intent and previous court decisions. Case-Laws Income Tax Wed, 27 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27840