https://www.taxtmi.com/caselaws?id=327508 The Tribunal upheld the deletion of additions made by the Assessing Officer in three issues: 1) unexplained fall in Gross Profit rate, as the AO failed to identify defects in purchases or turnover; 2) cash credit under Section 68, as the assessee provided detailed information about depositors; and 3) capital subsidy on sales tax, as the subsidy was treated as a capital receipt for setting up the business. The Tribunal found the AO's actions unjustified and dismissed the appeal, stating no substantial question of law arose. en-us Mon, 25 Apr 2016 00:00:00 +0530 Thu, 01 Sep 2016 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327508 The Tribunal upheld the deletion of additions made by the Assessing Officer in three issues: 1) unexplained fall in Gross Profit rate, as the AO failed to identify defects in purchases or turnover; 2) cash credit under Section 68, as the assessee provided detailed information about depositors; and 3) capital subsidy on sales tax, as the subsidy was treated as a capital receipt for setting up the business. The Tribunal found the AO's actions unjustified and dismissed the appeal, stating no substantial question of law arose. Case-Laws Income Tax Mon, 25 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327508