https://www.taxtmi.com/caselaws?id=432579 The High Court of Gujarat upheld the decisions of the lower authorities in estimating the net profit for a private limited company engaged in trading iron and steel for assessment year 2010-11. The Assessing Officer's estimation of 7% net profit was revised to 0.5% by the CIT (Appeals) and upheld by the Tribunal. The rejection of books of accounts under Section 145(3) of the IT Act was supported due to intra-group adjustments and mis-matches in transactions. The court emphasized factual analysis and industry standards, dismissing the appeal for lacking substantial legal questions. en-us Tue, 03 Jan 2023 00:00:00 +0530 Thu, 23 Jul 2026 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432579 The High Court of Gujarat upheld the decisions of the lower authorities in estimating the net profit for a private limited company engaged in trading iron and steel for assessment year 2010-11. The Assessing Officer's estimation of 7% net profit was revised to 0.5% by the CIT (Appeals) and upheld by the Tribunal. The rejection of books of accounts under Section 145(3) of the IT Act was supported due to intra-group adjustments and mis-matches in transactions. The court emphasized factual analysis and industry standards, dismissing the appeal for lacking substantial legal questions. Case-Laws Income Tax Tue, 03 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432579