https://www.taxtmi.com/caselaws?id=779860 Rejection of books of account and income estimation in livestock trading must reflect the business model and comparable trading results on record. The Tribunal noted that the assessee operated as a pass-through arrangement for a principal buyer, with purchases from itinerant suppliers and largely cash-based payments, and that the lower authorities had not properly appreciated these commercial realities. Although the books were rejected, the estimated gross profit could not be fixed at 2% of gross sales without regard to the consistent margins disclosed over the years. The gross profit rate was therefore reduced to 0.40% of gross sales, granting relief to the assessee. en-us Wed, 08 Oct 2025 00:00:00 +0530 Tue, 14 Oct 2025 09:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779860 Rejection of books of account and income estimation in livestock trading must reflect the business model and comparable trading results on record. The Tribunal noted that the assessee operated as a pass-through arrangement for a principal buyer, with purchases from itinerant suppliers and largely cash-based payments, and that the lower authorities had not properly appreciated these commercial realities. Although the books were rejected, the estimated gross profit could not be fixed at 2% of gross sales without regard to the consistent margins disclosed over the years. The gross profit rate was therefore reduced to 0.40% of gross sales, granting relief to the assessee. Case-Laws Income Tax Wed, 08 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779860