https://www.taxtmi.com/caselaws?id=797898 Gross-profit estimation was considered where survey material revealed missing bank entries, unverifiable purchases, absent bills and transport records, dealings with non-filers or stop-filers, and no stock registers. Declared gross-profit rates of 4.84% and 4.85%, after classifying specified export-related expenditure as indirect expenses, were broadly comparable with industry standards. However, the assessee had only partly established the correctness of its books and gross-profit ratio. As a 5% gross-profit estimate on total turnover was also not fully justified, deletion of the entire addition was modified and a lump-sum addition of 5% of gross profit was sustained for both assessment years. en-us Fri, 21 Aug 2026 00:00:00 +0530 Sat, 29 Aug 2026 14:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797898 Gross-profit estimation was considered where survey material revealed missing bank entries, unverifiable purchases, absent bills and transport records, dealings with non-filers or stop-filers, and no stock registers. Declared gross-profit rates of 4.84% and 4.85%, after classifying specified export-related expenditure as indirect expenses, were broadly comparable with industry standards. However, the assessee had only partly established the correctness of its books and gross-profit ratio. As a 5% gross-profit estimate on total turnover was also not fully justified, deletion of the entire addition was modified and a lump-sum addition of 5% of gross profit was sustained for both assessment years. Case-Laws Income Tax Fri, 21 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797898