https://www.taxtmi.com/caselaws?id=329221 The tribunal upheld the CIT(A)'s decision, estimating the net profit at 1% to cover deficiencies in the assessee's business, leading to the deletion of other additions made by the assessing officer. The rejection of the trading & profit and loss account under section 145(3) was supported due to insufficient documentation, with the tribunal emphasizing the importance of a reasonable basis for estimating net profit. The addition towards sundry creditors was deleted as these amounts were already considered in estimating the net profit, according to the CIT(A) and tribunal. The revenue's appeal was partly allowed, with the tribunal determining the income at 1% of turnover and deleting other additions by the assessing officer. en-us Wed, 01 Jun 2016 00:00:00 +0530 Sat, 25 Jun 2016 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329221 The tribunal upheld the CIT(A)'s decision, estimating the net profit at 1% to cover deficiencies in the assessee's business, leading to the deletion of other additions made by the assessing officer. The rejection of the trading & profit and loss account under section 145(3) was supported due to insufficient documentation, with the tribunal emphasizing the importance of a reasonable basis for estimating net profit. The addition towards sundry creditors was deleted as these amounts were already considered in estimating the net profit, according to the CIT(A) and tribunal. The revenue's appeal was partly allowed, with the tribunal determining the income at 1% of turnover and deleting other additions by the assessing officer. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329221