https://www.taxtmi.com/caselaws?id=755920 Where cash memos were not maintained for cash sales in liquor trade, income had to be estimated on a factual basis rather than by mechanical application of a fixed rate. The applicable net profit margin depended on the circumstances of each case, and the later introduction of privilege fee was treated as relevant to the profit margin. On a holistic appraisal of the record, the lower estimate was found appropriate, and the net profit was directed to be estimated at 3% of turnover with recomputation of income accordingly. en-us Fri, 19 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755920 Where cash memos were not maintained for cash sales in liquor trade, income had to be estimated on a factual basis rather than by mechanical application of a fixed rate. The applicable net profit margin depended on the circumstances of each case, and the later introduction of privilege fee was treated as relevant to the profit margin. On a holistic appraisal of the record, the lower estimate was found appropriate, and the net profit was directed to be estimated at 3% of turnover with recomputation of income accordingly. Case-Laws Income Tax Fri, 19 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755920