https://www.taxtmi.com/caselaws?id=189136 The Tribunal directed the Assessing Officer to estimate the net profit at 5% of total purchases net of all deductions. Regarding the treatment of the opening capital balance and initial purchases, the matter was remitted back to the A.O. for a fresh examination, allowing the assessee to present evidence to substantiate their claims. The judgment underscores the significance of proper documentation and evidence in supporting financial claims and sets a precedent for similar cases in the Indian Made Foreign Liquor (IMFL) business. en-us Thu, 23 Jun 2016 00:00:00 +0530 Thu, 29 Dec 2016 10:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189136 The Tribunal directed the Assessing Officer to estimate the net profit at 5% of total purchases net of all deductions. Regarding the treatment of the opening capital balance and initial purchases, the matter was remitted back to the A.O. for a fresh examination, allowing the assessee to present evidence to substantiate their claims. The judgment underscores the significance of proper documentation and evidence in supporting financial claims and sets a precedent for similar cases in the Indian Made Foreign Liquor (IMFL) business. Case-Laws Income Tax Thu, 23 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189136