https://www.taxtmi.com/caselaws?id=472386 Additional income arising from shortages of finished goods and raw materials detected during survey requires corroborative material; a survey admission alone is not conclusive. In footwear manufacturing, stock valuation is inherently approximate because of varied raw materials, work-in-progress, wastage and excess consumption. These factors support estimating income from shortages using a reduced gross-profit rate. The applicable gross-profit rate for the retained shortages is 10% rather than 20.91%. en-us Tue, 22 Apr 2025 00:00:00 +0530 Fri, 09 Oct 2026 21:34:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472386 Additional income arising from shortages of finished goods and raw materials detected during survey requires corroborative material; a survey admission alone is not conclusive. In footwear manufacturing, stock valuation is inherently approximate because of varied raw materials, work-in-progress, wastage and excess consumption. These factors support estimating income from shortages using a reduced gross-profit rate. The applicable gross-profit rate for the retained shortages is 10% rather than 20.91%. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472386