https://www.taxtmi.com/caselaws?id=305016 The Tribunal overturned the addition of profit embedded in un-reconciled sales, reducing the profit rate from 60% to 7.5% for a more balanced income assessment, recognizing the appellant's historical trading practices. The decision aimed to rectify the excessive profit rate applied previously and provide a fair resolution without setting a precedent for future assessments. The Tribunal's focus on a just assessment underscored the need for consistency and reasonableness in determining the appellant's income. en-us Fri, 28 Feb 2020 00:00:00 +0530 Fri, 11 Nov 2022 08:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305016 The Tribunal overturned the addition of profit embedded in un-reconciled sales, reducing the profit rate from 60% to 7.5% for a more balanced income assessment, recognizing the appellant's historical trading practices. The decision aimed to rectify the excessive profit rate applied previously and provide a fair resolution without setting a precedent for future assessments. The Tribunal's focus on a just assessment underscored the need for consistency and reasonableness in determining the appellant's income. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305016