https://www.taxtmi.com/caselaws?id=271793 The Revenue's appeal was dismissed as the CIT(A) upheld the deletion of the addition of Rs. 2,38,86,670/- and applied a net profit rate of 5% on unverifiable purchases. The CIT(A) emphasized the importance of natural justice, noting the lack of opportunity for cross-examination and insufficient verification of statements by the AO. The trading results disclosed by the assessee were not disturbed, and separate additions for a bogus creditor were not made. Telescoping was deemed inapplicable, and general grounds for modifying the appeal were dismissed. en-us Tue, 19 Jan 2016 00:00:00 +0530 Wed, 17 Feb 2016 06:58:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271793 The Revenue's appeal was dismissed as the CIT(A) upheld the deletion of the addition of Rs. 2,38,86,670/- and applied a net profit rate of 5% on unverifiable purchases. The CIT(A) emphasized the importance of natural justice, noting the lack of opportunity for cross-examination and insufficient verification of statements by the AO. The trading results disclosed by the assessee were not disturbed, and separate additions for a bogus creditor were not made. Telescoping was deemed inapplicable, and general grounds for modifying the appeal were dismissed. Case-Laws Income Tax Tue, 19 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271793