Addition of income by assessing officer
This query is : Resolved
25 December 2018
an assessing officer has added income to our business profit based on old GP Ratio, because gross profit has reduced over the years, mainly due to reduction of price due to stiff competition.Can we defend our case,please quote any case laws
CA Mohit Bansal
(Expert)
25 December 2018
Hi Arunji,
You can definitely defend your case as addition on the basis of old GP ratio is the apparent addition and should get countered with the actual facts and vouchers demonstrating fall in profit ratio of the business all round
You can definitely defend your case as addition on the basis of old GP ratio is the apparent addition and should get countered with the actual facts and vouchers demonstrating fall in profit ratio of the business all round
25 December 2018
CIT v. Smt Poonam Rani (2010) 326 ITR 223(Del.HC).
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