https://www.taxtmi.com/caselaws?id=773573 ITAT HC held that when assessee declared lower turnover compared to Form 26QB and audit report Form 3CA, the entire differential amount cannot be treated as income. Since assessee considered opening and closing work-in-progress in P&L account, only profit element should be added. Court modified CIT(A)'s order directing AO to compute income using assessee's declared gross profit rate of 16.22% instead of CIT(A)'s adopted 15% rate. Revenue's appeal was partly allowed with upward revision of profit percentage for differential turnover addition. en-us Thu, 27 Mar 2025 00:00:00 +0530 Wed, 25 Jun 2025 09:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773573 ITAT HC held that when assessee declared lower turnover compared to Form 26QB and audit report Form 3CA, the entire differential amount cannot be treated as income. Since assessee considered opening and closing work-in-progress in P&L account, only profit element should be added. Court modified CIT(A)'s order directing AO to compute income using assessee's declared gross profit rate of 16.22% instead of CIT(A)'s adopted 15% rate. Revenue's appeal was partly allowed with upward revision of profit percentage for differential turnover addition. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773573