High GP rate acceptable, if purchase/sale price not verifiable [2015] 58 taxmann.com 19 (Rajasthan)

IT : Where assessee could not substantiate its claim of gross profit rate of 8.7 per cent declared by it as purchase cost and sale price were unverifiable, gross profit rate of 11 per cent determined by Commissioner (Appeals) and Tribunal was justified. [Best Judgment Assessment u/s 144 and Method of accounting u/s 145.]

Leave a Reply