https://www.taxtmi.com/caselaws?id=177892 The appeal against the order of the ld. CIT (A) for the assessment year 2006-07, regarding the addition of Rs. 4,79,175/- under section 145(3) for unverifiable purchases, resulted in the ITAT Jaipur Benches allowing the appeal in part. While confirming the applicability of section 145(3), the ITAT reduced the addition to Rs. 50,000/- based on improved GP rate and already taxed excess stock. This case emphasizes the significance of maintaining verifiable records in business transactions and the judicial approach to determining trading additions considering past performance and current circumstances. en-us Fri, 27 Apr 2012 00:00:00 +0530 Wed, 17 Feb 2016 19:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177892 The appeal against the order of the ld. CIT (A) for the assessment year 2006-07, regarding the addition of Rs. 4,79,175/- under section 145(3) for unverifiable purchases, resulted in the ITAT Jaipur Benches allowing the appeal in part. While confirming the applicability of section 145(3), the ITAT reduced the addition to Rs. 50,000/- based on improved GP rate and already taxed excess stock. This case emphasizes the significance of maintaining verifiable records in business transactions and the judicial approach to determining trading additions considering past performance and current circumstances. Case-Laws Income Tax Fri, 27 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177892