https://www.taxtmi.com/caselaws?id=67396 The ITAT upheld the CIT(A)'s decision on the undisclosed sources issue, finding the opening stock adequately explained and deleting the addition. Regarding the gross profit calculation, the ITAT partially allowed the Departmental appeal, restoring the Assessing Officer's 15% rate application for cycles and cycle parts due to the assessee's failure to provide a breakdown, despite the CIT(A) reducing it to 12.5%. en-us Thu, 16 Jul 1992 00:00:00 +0530 Thu, 10 Mar 2011 13:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67396 The ITAT upheld the CIT(A)'s decision on the undisclosed sources issue, finding the opening stock adequately explained and deleting the addition. Regarding the gross profit calculation, the ITAT partially allowed the Departmental appeal, restoring the Assessing Officer's 15% rate application for cycles and cycle parts due to the assessee's failure to provide a breakdown, despite the CIT(A) reducing it to 12.5%. Case-Laws Income Tax Thu, 16 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67396