https://www.taxtmi.com/caselaws?id=266217 The ITAT dismissed the Revenue's appeal and partly allowed the assessee's appeal in the cross-appeals regarding the assessment year 2009-10. The ITAT upheld the addition based on the accepted gross profit rate for bank deposits, deleted the balance addition for initial capital outside the books, and dismissed the addition for creditors under section 41(1) as the liability still existed. The judgment emphasized correct application of gross profit rates and legal requirements for creditor liabilities. en-us Thu, 16 Apr 2015 00:00:00 +0530 Mon, 19 Oct 2015 07:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266217 The ITAT dismissed the Revenue's appeal and partly allowed the assessee's appeal in the cross-appeals regarding the assessment year 2009-10. The ITAT upheld the addition based on the accepted gross profit rate for bank deposits, deleted the balance addition for initial capital outside the books, and dismissed the addition for creditors under section 41(1) as the liability still existed. The judgment emphasized correct application of gross profit rates and legal requirements for creditor liabilities. Case-Laws Income Tax Thu, 16 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266217