https://www.taxtmi.com/caselaws?id=777065 The dispute concerned the gross profit rate applied for the assessment year, where the audited books reflected a gross profit rate of 3.84% and the lower authorities estimated it at 6.4%. The assessee did not specifically explain the fall in the declared gross profit rate, although the net profit rate had improved. On that basis, the original estimate was treated as excessive, and a revised lump-sum gross profit rate of 4.25% was applied. The addition was sustained only to that extent, resulting in partial relief to the assessee. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777065 The dispute concerned the gross profit rate applied for the assessment year, where the audited books reflected a gross profit rate of 3.84% and the lower authorities estimated it at 6.4%. The assessee did not specifically explain the fall in the declared gross profit rate, although the net profit rate had improved. On that basis, the original estimate was treated as excessive, and a revised lump-sum gross profit rate of 4.25% was applied. The addition was sustained only to that extent, resulting in partial relief to the assessee. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777065