https://www.taxtmi.com/caselaws?id=268395 The tribunal upheld the CIT(A)'s decision to apply a lower estimated rate of net profit from business at 4% instead of 8% adopted by the AO, dismissed the revenue's appeal on this ground. It also agreed with the CIT(A) in increasing turnover by Rs. 22,25,000 from an undisclosed bank account, treating it as business income, and deleting the peak credit addition. The tribunal upheld the CIT(A)'s decision to delete the addition towards an undisclosed sundry debtor. However, the tribunal allowed the revenue's appeal on the classification of interest on fixed deposits as income from other sources, contrary to the CIT(A)'s decision. en-us Thu, 08 Oct 2015 00:00:00 +0530 Wed, 25 Nov 2015 10:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268395 The tribunal upheld the CIT(A)'s decision to apply a lower estimated rate of net profit from business at 4% instead of 8% adopted by the AO, dismissed the revenue's appeal on this ground. It also agreed with the CIT(A) in increasing turnover by Rs. 22,25,000 from an undisclosed bank account, treating it as business income, and deleting the peak credit addition. The tribunal upheld the CIT(A)'s decision to delete the addition towards an undisclosed sundry debtor. However, the tribunal allowed the revenue's appeal on the classification of interest on fixed deposits as income from other sources, contrary to the CIT(A)'s decision. Case-Laws Income Tax Thu, 08 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268395