Court Rules 12.5% Profit Disallowance Rate for Non-Genuine Transactions; No Standard Profit Measure Applicable.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Estimated the possible profit out of purchases made through non-genuine parties -The estimation of rate of profit return must necessarily vary with the nature of business and no uniform yardstick can be adopted - Disallowance to the extent of 12.5 percent is allowed - HC....


TaxTMI