https://www.taxtmi.com/caselaws?id=220027 The Tribunal partially allowed the appeals and cross-objection, remanding the cash credit issue for fresh examination. It upheld the CIT(A)'s 8% net profit estimation and confirmed the deletion of penal charges as allowable business expenditures. The Tribunal criticized the AO and CIT(A) for not thoroughly examining the creditworthiness of cash credits and deemed the estimation of net profit at 8% reasonable given the unreliable books of account and comparative cases. en-us Fri, 13 Jul 2012 00:00:00 +0530 Mon, 07 Jan 2013 09:30:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220027 The Tribunal partially allowed the appeals and cross-objection, remanding the cash credit issue for fresh examination. It upheld the CIT(A)'s 8% net profit estimation and confirmed the deletion of penal charges as allowable business expenditures. The Tribunal criticized the AO and CIT(A) for not thoroughly examining the creditworthiness of cash credits and deemed the estimation of net profit at 8% reasonable given the unreliable books of account and comparative cases. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220027