https://www.taxtmi.com/caselaws?id=179745 The Tribunal partly allowed the Revenue's appeal for statistical purposes and fully allowed the assessee's appeal. The AO's addition of Rs. 3,60,00,000 as unverifiable sundry creditors was deleted by the CIT(A) due to lack of summons issuance and reliance on presumptions. The Tribunal remanded the issue for further evidence on outstanding balances. Regarding the estimation of Gross Profit percentage, the Tribunal held that the AO should have rejected book results under section 145(3) before resorting to income estimation. As such, the Tribunal directed the deletion of the entire GP addition and dismissed the Revenue's appeal on this ground. en-us Thu, 30 Jan 2014 00:00:00 +0530 Wed, 09 Mar 2016 11:39:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179745 The Tribunal partly allowed the Revenue's appeal for statistical purposes and fully allowed the assessee's appeal. The AO's addition of Rs. 3,60,00,000 as unverifiable sundry creditors was deleted by the CIT(A) due to lack of summons issuance and reliance on presumptions. The Tribunal remanded the issue for further evidence on outstanding balances. Regarding the estimation of Gross Profit percentage, the Tribunal held that the AO should have rejected book results under section 145(3) before resorting to income estimation. As such, the Tribunal directed the deletion of the entire GP addition and dismissed the Revenue's appeal on this ground. Case-Laws Income Tax Thu, 30 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179745