https://www.taxtmi.com/caselaws?id=68550 The Tribunal ruled in favor of the assessee, dismissing the Department's appeal entirely. The deletion of the addition of Rs. 1,10,951 for cement and expenses was upheld, with the Tribunal finding the AO's disallowance arbitrary and the net profit rate reasonable. Additionally, the Rs. 20,000 deposit in a partner's account was not considered income from undisclosed sources, as the partner's separate assessment and confirmation of the loan absolved the firm of any irregularity. The Tribunal emphasized the clarity of the partner's identity and the sufficiency of the partner's confirmation in supporting the firm's position. en-us Fri, 05 Mar 2004 00:00:00 +0530 Thu, 31 Mar 2011 10:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68550 The Tribunal ruled in favor of the assessee, dismissing the Department's appeal entirely. The deletion of the addition of Rs. 1,10,951 for cement and expenses was upheld, with the Tribunal finding the AO's disallowance arbitrary and the net profit rate reasonable. Additionally, the Rs. 20,000 deposit in a partner's account was not considered income from undisclosed sources, as the partner's separate assessment and confirmation of the loan absolved the firm of any irregularity. The Tribunal emphasized the clarity of the partner's identity and the sufficiency of the partner's confirmation in supporting the firm's position. Case-Laws Income Tax Fri, 05 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68550