https://www.taxtmi.com/caselaws?id=63776 The Tribunal allowed adjustments for expenses related to unaccounted sales, reducing the net profit rate to 1.5%. It also permitted deductions for expenses disputed by the AO, resulting in the same net profit rate. The addition on account of peak investment in purchases was deleted due to lack of evidence. Statements made during post-search inquiries were deemed invalid, and the addition under s. 40A(3) was deleted based on High Court precedent. The claim regarding commission receipts was dismissed. Despite a dissenting opinion, a majority decision favored the assessee. en-us Mon, 24 Jan 2000 00:00:00 +0530 Tue, 01 Feb 2011 17:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63776 The Tribunal allowed adjustments for expenses related to unaccounted sales, reducing the net profit rate to 1.5%. It also permitted deductions for expenses disputed by the AO, resulting in the same net profit rate. The addition on account of peak investment in purchases was deleted due to lack of evidence. Statements made during post-search inquiries were deemed invalid, and the addition under s. 40A(3) was deleted based on High Court precedent. The claim regarding commission receipts was dismissed. Despite a dissenting opinion, a majority decision favored the assessee. Case-Laws Income Tax Mon, 24 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63776