{"id":36810,"date":"2023-09-05T13:24:40","date_gmt":"2023-09-05T07:54:40","guid":{"rendered":"https:\/\/itatonline.org\/digest\/acit-v-new-saravana-stores-brahmandamai-202295-itr-7-snchennai-trib\/"},"modified":"2023-09-05T13:24:40","modified_gmt":"2023-09-05T07:54:40","slug":"acit-v-new-saravana-stores-brahmandamai-202295-itr-7-snchennai-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-new-saravana-stores-brahmandamai-202295-itr-7-snchennai-trib\/","title":{"rendered":"ACIT v. New Saravana Stores Brahmandamai (2022)95 ITR 7 (SN)(Chennai) (Trib)"},"content":{"rendered":"<p>Held that on the date of search by allowing mark-up on tag price of 32 per cent. when the assessee had justified a mark-up of 32 per cent. on the tag price of closing stock held as on the date of search. The estimations made by the Assessing Officer on the difference in mark-up price of closing stock was purely on the basis of suspicion and surmises, without any evidence to suggest that the assessee had average mark-up of 25 per cent. on all goods. The Commissioner (Appeals) after considering relevant facts had rightly directed the Assessing Officer to allow average mark-up of 32 per cent. to arrive at the cost price of closing stock as on the date of search. (AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 145A : Method of accounting-Valuation-Closing stock-Assessing Officer taking average mark-up of  25 Per Cent.-Directed to take  average mark-up of 32 Per Cent. to arrive at cost price of closing stock as on date of  search. [S. 132] <\/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-36810","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9zI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36810","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=36810"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36810\/revisions"}],"predecessor-version":[{"id":36811,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36810\/revisions\/36811"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}