https://www.taxtmi.com/caselaws?id=428040 The appellant filed an Income Tax Appeal challenging the ITAT's decision upholding the CIT(A) and AO's gross profit assessment at 2% of gross sales for AY 2013-14. The ITAT's failure to consider the Central Sales Tax (CST) component in determining the gross profit rate was criticized, as it led to an erroneous assessment based on manufacturers' trade margins instead of wholesale trader margins. The rejection of the Assessee's accounts due to lack of verification of sales by sundry debtors was upheld, with the ITAT dismissing the appeal for lack of substantial legal questions. en-us Fri, 16 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 07:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428040 The appellant filed an Income Tax Appeal challenging the ITAT's decision upholding the CIT(A) and AO's gross profit assessment at 2% of gross sales for AY 2013-14. The ITAT's failure to consider the Central Sales Tax (CST) component in determining the gross profit rate was criticized, as it led to an erroneous assessment based on manufacturers' trade margins instead of wholesale trader margins. The rejection of the Assessee's accounts due to lack of verification of sales by sundry debtors was upheld, with the ITAT dismissing the appeal for lack of substantial legal questions. Case-Laws Income Tax Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428040