On basis of a statement made by one member of assessee-firm, estimate was made taking net profit rate of assessee to be 20 per cent, which was after consensus reached at 15 per cent . Tribunal confirmed the Order of AO . High Court upheld the order of the Tribunal . ( AY. 2008 -09)
Mayur Sheet Grah (P.) Ltd. v. CIT (2019) 106 taxmann.com 129/ 264 Taxman 18 (All.) (HC) Editorial: SLP of the assessee is dismissed , Mayur Sheet Grah (P.) Ltd. v. CIT (2019) 264 Taxman 17 (SC)
S. 145 : Method of accounting-Estimating profit rate of 15% per cent which was arrived at with consensus between both parties- Addition is held to be justified.