https://www.taxtmi.com/caselaws?id=261474 The Tribunal partially allowed the appeal, confirming the addition of Rs. 2,69,796 towards concealed income, as transactions with M/s Ankit Electronics were deemed fake due to lack of genuine evidence and discrepancies. The appellant's attempt to validate purchases using transit passes was unsuccessful, with the Tribunal determining that higher invoice values were arranged to conceal lower-priced purchases. The sustained addition was calculated by applying the preceding year's gross profit rate on total turnover. en-us Wed, 11 Feb 2015 00:00:00 +0530 Tue, 14 Jul 2015 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261474 The Tribunal partially allowed the appeal, confirming the addition of Rs. 2,69,796 towards concealed income, as transactions with M/s Ankit Electronics were deemed fake due to lack of genuine evidence and discrepancies. The appellant's attempt to validate purchases using transit passes was unsuccessful, with the Tribunal determining that higher invoice values were arranged to conceal lower-priced purchases. The sustained addition was calculated by applying the preceding year's gross profit rate on total turnover. Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261474