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Gross Profit

No Evidence to Prove Bogus Purchase, Addition on Account of Estimated Gross Profit not permissible: ITAT [Read Order]

Yogitha S. Yogesh

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that addition on account of estimated gross profit is not permissible in the...

No Evidence of Suppression of Gross Profit by obtaining Bogus Purchase: Delhi HC Deletes Income Tax...

No Estimation of Gross Profit without Rejection of Books of Account u/s 145(3): ITAT [Read Order]

Revision Order - Assessee - AO - Assessment - ITAT - taxscan

Revision Order can’t be passed If Submissions of Assessee were duly verified by AO during...

ITAT directs matter to AO to examine afresh Rate of Gross Profit declared on Unaccounted Turnover...

Addition on Bogus Purchase should be made only to the extent of Lower GP declared: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has recently ruled that the addition in respect of Bogus purchase can be made only to the extent of the lower gross profit declared by the...

Insignificant Decline in Gross Profit can’t be a Reason for Addition: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Jaipur bench has held that an insignificant decline in the Gross Profit cannot be a reason for an addition under the Income Tax Act, 1961. The Assessing...

If Addition made by Estimating Gross Profit as a Whole, Separate Additions not Warranted: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) in ACIT v. Kitman International, held that once the Addition is made by estimating Gross Profit as a whole, then there is no need for...