https://www.taxtmi.com/caselaws?id=472485 Suppressed sales constitute turnover rather than income, so taxation is confined to the profit embedded in those sales. Where liquor stock is sold at discounted rates before licence expiry and variant-wise sales data are unavailable, profit may be estimated from purchase costs. A 3% profit rate on total purchase cost is treated as a reasonable basis for quantifying the taxable addition, rather than assessing the entire alleged suppressed-sales amount. en-us Tue, 22 Apr 2025 00:00:00 +0530 Wed, 14 Oct 2026 06:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472485 Suppressed sales constitute turnover rather than income, so taxation is confined to the profit embedded in those sales. Where liquor stock is sold at discounted rates before licence expiry and variant-wise sales data are unavailable, profit may be estimated from purchase costs. A 3% profit rate on total purchase cost is treated as a reasonable basis for quantifying the taxable addition, rather than assessing the entire alleged suppressed-sales amount. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472485