https://www.taxtmi.com/caselaws?id=261692 The tribunal upheld the Commissioner of Income-tax (Appeal)'s decision to apply a 7.5% net profit rate on gross receipts, dismissing both Revenue's and assessee's contentions. The tribunal also supported the deletion of additions for unexplained expenses, difference in claimed and actual salary payments, and cash payments above Rs. 20,000, as directed by the CIT(A). The tribunal found the Assessing Officer's actions lacking inquiry and upheld the CIT(A)'s reasoned deletions, ultimately dismissing both appeals and cross-objections. en-us Wed, 15 Jul 2015 00:00:00 +0530 Mon, 20 Jul 2015 09:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261692 The tribunal upheld the Commissioner of Income-tax (Appeal)'s decision to apply a 7.5% net profit rate on gross receipts, dismissing both Revenue's and assessee's contentions. The tribunal also supported the deletion of additions for unexplained expenses, difference in claimed and actual salary payments, and cash payments above Rs. 20,000, as directed by the CIT(A). The tribunal found the Assessing Officer's actions lacking inquiry and upheld the CIT(A)'s reasoned deletions, ultimately dismissing both appeals and cross-objections. Case-Laws Income Tax Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261692