https://www.taxtmi.com/caselaws?id=332450 The Tribunal allowed the appeal, directing the Assessing Officer to recompute income based on the average gross profit rate of immediate earlier assessment years. The judgment stressed the significance of reliable evidence and past history in assessing income discrepancies, emphasizing that subsequent information cannot be the basis for estimating purchases in earlier years. en-us Fri, 05 Aug 2016 00:00:00 +0530 Sat, 17 Sep 2016 11:37:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332450 The Tribunal allowed the appeal, directing the Assessing Officer to recompute income based on the average gross profit rate of immediate earlier assessment years. The judgment stressed the significance of reliable evidence and past history in assessing income discrepancies, emphasizing that subsequent information cannot be the basis for estimating purchases in earlier years. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332450