Tag Archives: IN THE ITAT RAIPUR BENCH

Assessing Officer Must Apply Comparable Gross Profit Rate and Cannot Make Separate Expense Disallowances After Rejecting Books Assessing Officer Must Apply Comparable Gross Profit Rate and Cannot Make Separate Expense Disallowances After Rejecting Books Issue Whether the Assessing Officer is justified in estimating a liquor trader’s gross profit at 4% when a 3.13% rate was… Read More »

Assessing Officer Must Apply Uniform Profit Rates For Identical Businesses And Cannot Make Separate Expense Disallowances After Rejecting Books Issue Whether the Assessing Officer (AO) is justified in estimating a higher gross profit (GP) rate of $4\%$ for a liquor trader after rejecting their books, when a lower GP rate of $3.13\%$ was accepted for… Read More »

Section 148 Reopening Notice Quashed for Assessment Year 2015-16 as Barred by Limitation Under TOLA Guidelines Issue Whether a reassessment notice issued under Section 148 of the Income-tax Act on July 23, 2022, for Assessment Year 2015-16 is legally sustainable, given the Revenue’s binding concession recorded by the Supreme Court that such notices cannot be… Read More »