https://www.taxtmi.com/caselaws?id=777329 ITAT upheld the appellate authority's application of a 12.5% gross profit rate to assess unaccounted sales, rejecting the assessee's contention to apply a 3.1% net profit rate. The tribunal found the CIT(A)'s order reasoned and speaking, holding that gross profit - not net profit - is the appropriate benchmark for assessing undisclosed transactions, and dismissed the assessee's comparative turnover, gross profit and net profit chart as lacking merit. en-us Tue, 26 Aug 2025 00:00:00 +0530 Thu, 28 Aug 2025 08:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777329 ITAT upheld the appellate authority's application of a 12.5% gross profit rate to assess unaccounted sales, rejecting the assessee's contention to apply a 3.1% net profit rate. The tribunal found the CIT(A)'s order reasoned and speaking, holding that gross profit - not net profit - is the appropriate benchmark for assessing undisclosed transactions, and dismissed the assessee's comparative turnover, gross profit and net profit chart as lacking merit. Case-Laws Income Tax Tue, 26 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777329