https://www.taxtmi.com/caselaws?id=267586 The High Court upheld the Tribunal's decision in dismissing the Revenue's appeals. It affirmed that the turnover determined by the Commissioner of Central Excise should be adopted for determining the unaccounted turnover of the assessee. Additionally, the Court held that section 40A(3) cannot be applied when assessable income is determined by applying a percentage rate on the unaccounted turnover, as the gross profit rate already includes all expenditures. The Court stressed the importance of independent enquiry by tax authorities and the inadequacy of relying solely on findings from other departments without corroborative evidence. en-us Tue, 10 Feb 2015 00:00:00 +0530 Tue, 16 Feb 2016 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267586 The High Court upheld the Tribunal's decision in dismissing the Revenue's appeals. It affirmed that the turnover determined by the Commissioner of Central Excise should be adopted for determining the unaccounted turnover of the assessee. Additionally, the Court held that section 40A(3) cannot be applied when assessable income is determined by applying a percentage rate on the unaccounted turnover, as the gross profit rate already includes all expenditures. The Court stressed the importance of independent enquiry by tax authorities and the inadequacy of relying solely on findings from other departments without corroborative evidence. Case-Laws Income Tax Tue, 10 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267586