https://www.taxtmi.com/caselaws?id=216408 The Tribunal ruled against the assessee in a tax case, overturning the CIT(A)'s decision. Firstly, the Tribunal held that unexplained credit entries in the firm's books constituted income, as the partners failed to adequately prove the source of their investments. Secondly, the Tribunal adjusted the income estimation by the Assessing Officer from 10% to 9% of gross receipts, finding the initial estimation excessive. The Revenue's appeal was partly allowed by the Tribunal on both issues. en-us Fri, 22 Jun 2012 00:00:00 +0530 Mon, 10 Sep 2012 07:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216408 The Tribunal ruled against the assessee in a tax case, overturning the CIT(A)'s decision. Firstly, the Tribunal held that unexplained credit entries in the firm's books constituted income, as the partners failed to adequately prove the source of their investments. Secondly, the Tribunal adjusted the income estimation by the Assessing Officer from 10% to 9% of gross receipts, finding the initial estimation excessive. The Revenue's appeal was partly allowed by the Tribunal on both issues. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216408