Tag: income estimation

When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT  In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …

Amount of taxes on sales comprising in turnover to be excluded while computing gross receipts for estimating net profit – ITAT In a recent judgment, ITAT Hyderabad directed AO to exclude the amount of taxes collected on sales comprised in turnover, while computing gross receipts for the purpose …

No estimation can be made by extrapolation and multiplication for the period for which no incriminating material were found – ITAT In a recent judgment, ITAT Delhi has held that the AO is not legally empowered to make estimation for the period, where incriminating materials do not exists, …

Extrapolation of income of two months to arrive at income of the full year was not justified – ITAT In a recent judgment, ITAT Chandigarh has deleted the addition to income holding that extrapolation of income of two months adopted by the AO for arriving at income of …