https://www.taxtmi.com/caselaws?id=337685 The Appellate Tribunal ITAT Visakhapatnam ruled in favor of the assessee in an appeal concerning profit estimation in the IMFL business and treatment of unexplained credits in the capital account for the Assessment Year 2011-12. The Tribunal reduced the profit estimation to 5% of the purchase price in the IMFL business, emphasizing the unique nature of the trade controlled by the State Government. Additionally, the Tribunal found the assessee had sufficiently proven the genuineness of the unexplained credits in the capital account, overturning the Assessing Officer's decision to add the amount to the assessee's income. en-us Thu, 12 Jan 2017 00:00:00 +0530 Sat, 14 Jan 2017 07:22:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337685 The Appellate Tribunal ITAT Visakhapatnam ruled in favor of the assessee in an appeal concerning profit estimation in the IMFL business and treatment of unexplained credits in the capital account for the Assessment Year 2011-12. The Tribunal reduced the profit estimation to 5% of the purchase price in the IMFL business, emphasizing the unique nature of the trade controlled by the State Government. Additionally, the Tribunal found the assessee had sufficiently proven the genuineness of the unexplained credits in the capital account, overturning the Assessing Officer's decision to add the amount to the assessee's income. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337685