https://www.taxtmi.com/caselaws?id=63023 The Tribunal confirmed the additions for the assessment years 1976-77 and 1977-78, rejecting the assessee's arguments on bogus purchases and historical gross profit rates. The claim of embezzlement by the accountant was not substantiated. The matter of the unclaimed credit balance for 1976-77 was remanded for re-examination. The appeal for 1976-77 was partly allowed, while the appeal for 1977-78 was dismissed. The Tribunal emphasized reflecting the real income despite resulting high gross profit rates. en-us Wed, 30 Mar 1988 00:00:00 +0530 Thu, 27 Jan 2011 13:38:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63023 The Tribunal confirmed the additions for the assessment years 1976-77 and 1977-78, rejecting the assessee's arguments on bogus purchases and historical gross profit rates. The claim of embezzlement by the accountant was not substantiated. The matter of the unclaimed credit balance for 1976-77 was remanded for re-examination. The appeal for 1976-77 was partly allowed, while the appeal for 1977-78 was dismissed. The Tribunal emphasized reflecting the real income despite resulting high gross profit rates. Case-Laws Income Tax Wed, 30 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63023