https://www.taxtmi.com/caselaws?id=269930 The Revenue's appeal against CIT (A)'s direction to adopt 6% profit from transactions in loose sheets during a survey was dismissed. The loose sheets listed cash purchases totaling &8377; 2,15,05,363 from 37 parties, with the AO confirming sales to the assessee. The AO treated the cash purchases as unexplained investment under section 69 of the Act, adding the amount to the income. CIT (A) limited the addition of unaccounted cash purchases to 6% profit, excluding duplicate bills and amounts from unconfirmed parties. The Tribunal upheld CIT (A)'s decision, emphasizing the lack of stock variation indicating the purchases were sold, justifying the estimated profit from unaccounted sales. en-us Tue, 20 Oct 2015 00:00:00 +0530 Thu, 24 Dec 2015 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269930 The Revenue's appeal against CIT (A)'s direction to adopt 6% profit from transactions in loose sheets during a survey was dismissed. The loose sheets listed cash purchases totaling &8377; 2,15,05,363 from 37 parties, with the AO confirming sales to the assessee. The AO treated the cash purchases as unexplained investment under section 69 of the Act, adding the amount to the income. CIT (A) limited the addition of unaccounted cash purchases to 6% profit, excluding duplicate bills and amounts from unconfirmed parties. The Tribunal upheld CIT (A)'s decision, emphasizing the lack of stock variation indicating the purchases were sold, justifying the estimated profit from unaccounted sales. Case-Laws Income Tax Tue, 20 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269930