https://www.taxtmi.com/caselaws?id=35026 The High Court considered whether freight charges paid by the assessee to the Truck Operators' Union should be deducted from gross receipts before applying the net profit rate. The Court held that once a best judgment assessment is made by fixing a net profit rate, the claim for deduction on expenses cannot be separately considered as the net profit rate already accounts for all deductions under Section 29 of the Income Tax Act. Therefore, the claim to deduct freight charges from gross receipts before applying the net profit rate was not accepted, ruling in favor of the revenue. en-us Tue, 06 Nov 2007 00:00:00 +0530 Tue, 01 Dec 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35026 The High Court considered whether freight charges paid by the assessee to the Truck Operators' Union should be deducted from gross receipts before applying the net profit rate. The Court held that once a best judgment assessment is made by fixing a net profit rate, the claim for deduction on expenses cannot be separately considered as the net profit rate already accounts for all deductions under Section 29 of the Income Tax Act. Therefore, the claim to deduct freight charges from gross receipts before applying the net profit rate was not accepted, ruling in favor of the revenue. Case-Laws Income Tax Tue, 06 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35026