https://www.taxtmi.com/highlights?id=76298 Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play. en-us Wed, 03 Apr 2024 08:45:13 +0530 Wed, 03 Apr 2024 08:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76298 Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play. Highlights Income Tax Wed, 03 Apr 2024 08:45:13 +0530 https://www.taxtmi.com/highlights?id=76298