https://www.taxtmi.com/caselaws?id=470674 After rejection of books for failure to maintain proper sale bills, liquor-business profit should be estimated using commercial factors, including competition, manufacturer incentives affecting purchase cost, turnover and past profit history. The notes state that a 3% rate on purchases was appropriate rather than 5%. They further state that estimated business profit subsumes allowable business expenditure, so a separate licence-fee addition cannot be retained. Declared business income must also be excluded from the estimated business-profit computation, while non-business income may remain separately taxable. Taxable business profit is to be recomputed on that basis without separate business-related additions. en-us Thu, 30 Sep 2010 00:00:00 +0530 Tue, 04 Aug 2026 15:07:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470674 After rejection of books for failure to maintain proper sale bills, liquor-business profit should be estimated using commercial factors, including competition, manufacturer incentives affecting purchase cost, turnover and past profit history. The notes state that a 3% rate on purchases was appropriate rather than 5%. They further state that estimated business profit subsumes allowable business expenditure, so a separate licence-fee addition cannot be retained. Declared business income must also be excluded from the estimated business-profit computation, while non-business income may remain separately taxable. Taxable business profit is to be recomputed on that basis without separate business-related additions. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470674