The Tribunal held that the rates of chicken varied frequently depending upon demand and supply and other geographical reasons like weather conditions, and were highly flexible. Further, the products sold by the assessee were highly perishable Therefore, on the basis of two months\u2019 statistics, there could not be any estimation of gross profit for the remaining period and subsequent period. Therefore, taking into account the nature of business of the assessee the Assessing Officer was to allow 90 per cent. of total expenses claimed by the assessee in its financial statement and recompute the profits from the business taking into account gross profit at 8 per cent. on total sales. (AY. 2015-16, 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(3) : Assessment-Rejection of books of accounts-No uniformity in sale of chicken-Highly perishable-Estimation of gross profits based on two months\u2019 statistics improper-Directed to allow 90% of total expenses after taking gross profit at 8%-Partly allowed. [S. 144] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36740","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9yA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36740"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36740\/revisions"}],"predecessor-version":[{"id":36741,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36740\/revisions\/36741"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}