Tag: Higher GP rate adoption
When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITATÂ In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …
Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITATÂ In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …
No merit in holding that estimated addition has to be made on account of fall in gross profit rate. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3211 (2019) (12) ITAT In the instant case, appeal was filed by assessee against the order of CIT(A) on the issue of …
Higher GP rate adoption for mere fall in rate from preceding year. It cannot be a sole reason for choosing higher rate as per Assessing Officers convenience – ITAT ABCAUS Case Law Citation: 1002 2016 (08) ITAT Assessment Year: 2010-11 Date/Month of Judgment: July 2016 Brief Facts of the …
