I.T.AS. NOS. 9424, 9425 OF 1977 AND 9978/LB/DB OF 1991-92 versus I.T.AS. NOS. 9424, 9425 OF 1977 AND 9978/LB/DB OF 1991-92
Income Tax Ordinance 1979 Sections 22 and 32 (3) Rejection of Business Income Accounts Estimation of Sales Increase Gross Profit Rate History of Trading Accounts Assisi implemented 975% and 10 19% GP rates respectively for two years. Based on the date of sale of the commercial accounts, sales and purchases and the estimate of sales rates and figures are sold and a 12% GP rate is applied for each year in which the Commissioner (Appeal) has made the ITO. Dismissed the results found to be based on general and vague remarks and found nothing. The defects or omissions in the trading accounts were fully confident of the correct purchase and sale, and this was confirmed by the first appellate authority correctly applying its mind each year to being an independent institution, no matter the date of the transaction. There was no relevant factor but it was not increased according to the facts. Overall profit rate should be considered acceptable by the department's reviewer
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