https://www.taxtmi.com/caselaws?id=178139 The Tribunal directed the Assessing Officer to estimate profit at double the average net profit rate declared by the assessee, excluding disclosed turnover from unaccounted turnover. The addition on account of unexplained purchases was deleted, as taxing both unaccounted sales and purchases was deemed unreasonable. The addition of unaccounted interest income was deleted due to lack of conclusive proof. The Tribunal directed verification of claims regarding unexplained investments and allowed telescoping of unaccounted income in certain cases. Exemption under Section 54F was granted based on evidence supporting the property's residential nature. The Tribunal provided detailed directions for re-assessment, emphasizing reasonable estimation and verification of income sources. en-us Wed, 28 May 2014 00:00:00 +0530 Fri, 29 Jan 2016 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178139 The Tribunal directed the Assessing Officer to estimate profit at double the average net profit rate declared by the assessee, excluding disclosed turnover from unaccounted turnover. The addition on account of unexplained purchases was deleted, as taxing both unaccounted sales and purchases was deemed unreasonable. The addition of unaccounted interest income was deleted due to lack of conclusive proof. The Tribunal directed verification of claims regarding unexplained investments and allowed telescoping of unaccounted income in certain cases. Exemption under Section 54F was granted based on evidence supporting the property's residential nature. The Tribunal provided detailed directions for re-assessment, emphasizing reasonable estimation and verification of income sources. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178139