https://www.taxtmi.com/caselaws?id=327485 The appeal was dismissed by the Tribunal, upholding the CIT(A)'s decision to confirm the addition of Rs. 1,97,871 based on an estimated net profit rate applied to turnover not belonging to the assessee. Despite the assessee's arguments and evidence supporting a different source of turnover, the Tribunal found inconsistencies in the transactions and lack of substantiation for conducting the claimed business activities in the disputed bank account. The judgment underscored the necessity for clear and consistent evidence to support claims during assessments and the importance of maintaining accurate records to avoid disputes. en-us Fri, 01 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 01:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327485 The appeal was dismissed by the Tribunal, upholding the CIT(A)'s decision to confirm the addition of Rs. 1,97,871 based on an estimated net profit rate applied to turnover not belonging to the assessee. Despite the assessee's arguments and evidence supporting a different source of turnover, the Tribunal found inconsistencies in the transactions and lack of substantiation for conducting the claimed business activities in the disputed bank account. The judgment underscored the necessity for clear and consistent evidence to support claims during assessments and the importance of maintaining accurate records to avoid disputes. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327485