{"id":39669,"date":"2024-02-28T14:07:56","date_gmt":"2024-02-28T08:37:56","guid":{"rendered":"https:\/\/itatonline.org\/digest\/kunan-mal-kalu-ram-jain-and-co-v-ito-2023-203-itd-182-jaipur-trib\/"},"modified":"2024-02-28T14:07:56","modified_gmt":"2024-02-28T08:37:56","slug":"kunan-mal-kalu-ram-jain-and-co-v-ito-2023-203-itd-182-jaipur-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/kunan-mal-kalu-ram-jain-and-co-v-ito-2023-203-itd-182-jaipur-trib\/","title":{"rendered":"Kunan Mal Kalu Ram Jain and Co. v. ITO (2023) 203 ITD 182 (Jaipur) (Trib)"},"content":{"rendered":"<p>The AO computed net profit at 4% of turnover made additions in income of assessee after observing huge reduction in percentage of gross profit and net profit between two consecutive years. The assessee has\u00a0 provided detailed explanation behind fall in profit rate and provided quantitative details of opening stock, purchases, sales and closing stock. The\u00a0 Tribunal held that\u00a0 when the books of account is not rejected\u00a0 the rejection of books of account and estimation of\u00a0 profit is not valid .\u00a0 CIT v. Maharaja Shree Umed Mills Ltd (1991 ) 192 ITR 565 ( Raj)( HC) (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.145: Method of accounting- Estimation of income- Books of account not rejected &#8211;  Estimate of profit is deleted.  [ S. 145(3) ]<\/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-39669","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ajP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39669","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=39669"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39669\/revisions"}],"predecessor-version":[{"id":39670,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39669\/revisions\/39670"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}