https://www.taxtmi.com/caselaws?id=215465 The Tribunal affirmed the Commissioner's decision to estimate sales at Rs. 1,30,00,000 and net profit at 5%, providing relief to the assessee. It upheld the addition of liability under section 41(1) of the Act due to extinguishment of liability. The Tribunal also supported the adoption of a net profit rate of 5% and sales amount of Rs. 1,30,00,000, dismissing the Revenue's challenge. Additionally, the deletion of the addition under section 40A(3) of the Act was upheld, as the cash payment was made under the excise authorities' directions. Both the appeal of the assessee and the Revenue were dismissed. en-us Tue, 05 Jun 2012 00:00:00 +0530 Mon, 06 Aug 2012 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215465 The Tribunal affirmed the Commissioner's decision to estimate sales at Rs. 1,30,00,000 and net profit at 5%, providing relief to the assessee. It upheld the addition of liability under section 41(1) of the Act due to extinguishment of liability. The Tribunal also supported the adoption of a net profit rate of 5% and sales amount of Rs. 1,30,00,000, dismissing the Revenue's challenge. Additionally, the deletion of the addition under section 40A(3) of the Act was upheld, as the cash payment was made under the excise authorities' directions. Both the appeal of the assessee and the Revenue were dismissed. Case-Laws Income Tax Tue, 05 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215465