https://www.taxtmi.com/caselaws?id=337378 The Tribunal allowed the appeals on all grounds, finding discrepancies in the Assessing Officer's observations and directing further assessment on the disputed issues. The disallowance of a sum on account of bogus purchases was upheld due to discrepancies in stock valuation. The addition on account of suppressed profit on unexplained sales was rejected as no undisclosed sales were found. The addition on account of short-term capital gains under Section 50C was directed to be re-evaluated by referring the valuation to the DVO. en-us Wed, 02 Nov 2016 00:00:00 +0530 Sat, 07 Jan 2017 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337378 The Tribunal allowed the appeals on all grounds, finding discrepancies in the Assessing Officer's observations and directing further assessment on the disputed issues. The disallowance of a sum on account of bogus purchases was upheld due to discrepancies in stock valuation. The addition on account of suppressed profit on unexplained sales was rejected as no undisclosed sales were found. The addition on account of short-term capital gains under Section 50C was directed to be re-evaluated by referring the valuation to the DVO. Case-Laws Income Tax Wed, 02 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337378