https://www.taxtmi.com/caselaws?id=269818 The Tribunal partly allowed the revenue's appeal, setting aside the issue of unverifiable purchases for fresh decision by the AO following a High Court judgment. It upheld the CIT(A)'s decisions on the gross profit rate, sales valuation using the weighted average method, and the set-off of excess stock against unaccounted income. The Tribunal deemed the CIT(A)'s approach reasonable and in line with industry practices in the gem and jewelry sector. en-us Wed, 16 Dec 2015 00:00:00 +0530 Tue, 22 Dec 2015 06:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269818 The Tribunal partly allowed the revenue's appeal, setting aside the issue of unverifiable purchases for fresh decision by the AO following a High Court judgment. It upheld the CIT(A)'s decisions on the gross profit rate, sales valuation using the weighted average method, and the set-off of excess stock against unaccounted income. The Tribunal deemed the CIT(A)'s approach reasonable and in line with industry practices in the gem and jewelry sector. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269818