https://www.taxtmi.com/caselaws?id=468692 Gross profit additions based solely on a lower profit ratio were found unsustainable where the books of account were not rejected under section 145(3) of the Income-tax Act, 1961. The record showed higher power and manganese ore costs, but also improved profit per metric tonne, and no specific defect, discrepancy, or comparable case was identified to justify estimation of income. Non-production of certain bank-related statements, by itself, did not warrant an estimated addition once the relevant records had been examined in remand proceedings without adverse findings. The deletion of the addition was therefore upheld and the Revenue's challenge failed. en-us Thu, 06 Feb 2025 00:00:00 +0530 Sun, 17 May 2026 09:19:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468692 Gross profit additions based solely on a lower profit ratio were found unsustainable where the books of account were not rejected under section 145(3) of the Income-tax Act, 1961. The record showed higher power and manganese ore costs, but also improved profit per metric tonne, and no specific defect, discrepancy, or comparable case was identified to justify estimation of income. Non-production of certain bank-related statements, by itself, did not warrant an estimated addition once the relevant records had been examined in remand proceedings without adverse findings. The deletion of the addition was therefore upheld and the Revenue's challenge failed. Case-Laws Income Tax Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468692