https://www.taxtmi.com/caselaws?id=472031 Estimated assessment applying an 8% net-profit rate to gross receipts, including scrap sales, requires reconsideration where books were rejected for audit non-compliance without adequate consideration of prior gross-profit and net-profit results, depreciation, and the proper treatment of scrap-sale receipts. The appellate order was set aside for a fresh assessment after reasonable opportunity, requiring these factors to be addressed in determining taxable profit. en-us Wed, 16 Apr 2025 00:00:00 +0530 Sun, 27 Sep 2026 15:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472031 Estimated assessment applying an 8% net-profit rate to gross receipts, including scrap sales, requires reconsideration where books were rejected for audit non-compliance without adequate consideration of prior gross-profit and net-profit results, depreciation, and the proper treatment of scrap-sale receipts. The appellate order was set aside for a fresh assessment after reasonable opportunity, requiring these factors to be addressed in determining taxable profit. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472031