https://www.taxtmi.com/caselaws?id=328276 The Tribunal dismissed both the assessee's appeal and cross objection, as well as the Revenue's appeal. The Tribunal upheld the Commissioner (Appeals)'s decision to estimate the profit on sales at 0.5% instead of 5% and to delete the addition on account of unexplained outstanding balances of creditors. The judgment highlighted the significance of thorough verification and affirmed the Commissioner (Appeals)'s authority to conduct necessary inquiries. en-us Fri, 27 May 2016 00:00:00 +0530 Tue, 31 May 2016 11:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328276 The Tribunal dismissed both the assessee's appeal and cross objection, as well as the Revenue's appeal. The Tribunal upheld the Commissioner (Appeals)'s decision to estimate the profit on sales at 0.5% instead of 5% and to delete the addition on account of unexplained outstanding balances of creditors. The judgment highlighted the significance of thorough verification and affirmed the Commissioner (Appeals)'s authority to conduct necessary inquiries. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328276