Accounts accepted; profit not estimated due to improved gross margins despite fall in export incentives. Lower authorities' order set aside.

Accounts accepted; profit not estimated due to improved gross margins despite fall in export incentives. Lower authorities' order set aside. https://www.taxtmi.com/highlights?id=82364 Books of accounts accepted as maintained properly. Net profit not estimated by authorities as gross profit rate improved compared to previous year. Fall in net profit ratio attributed to decline in duty drawback and export incentives. Order of lower authorities set aside, directing acceptance of book results and deleting addition made. Assessee's appeal allowed by Appellate Tribunal. en-us Fri, 18 Oct 2024 09:14:21 +0530 Fri, 18 Oct 2024 09:14:21 +0530 TaxTMI RSS Generator Accounts accepted; profit not estimated due to improved gross margins despite fall in export incentives. Lower authorities' order set aside. https://www.taxtmi.com/highlights?id=82364 Books of accounts accepted as maintained properly. Net profit not estimated by authorities as gross profit rate improved compared to previous year. Fall in net profit ratio attributed to decline in duty drawback and export incentives. Order of lower authorities set aside, directing acceptance of book results and deleting addition made. Assessee's appeal allowed by Appellate Tribunal. Highlights Income Tax Fri, 18 Oct 2024 09:14:21 +0530 https://www.taxtmi.com/highlights?id=82364