https://www.taxtmi.com/caselaws?id=338119 The Tribunal dismissed the revenue's appeals for the assessment years 2007-08 and 2008-09, upholding the CIT(A)'s decision to delete additions made by the A.O. towards unexplained investment under Section 69B and gross profit estimation. The Tribunal emphasized that the stock statement submitted to the bank was not accurate for tax purposes, as it was inflated for loan purposes. Additionally, the A.O. erred in estimating gross profit based on the stock statement without identifying any discrepancies in the books of accounts. en-us Fri, 20 Jan 2017 00:00:00 +0530 Tue, 24 Jan 2017 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338119 The Tribunal dismissed the revenue's appeals for the assessment years 2007-08 and 2008-09, upholding the CIT(A)'s decision to delete additions made by the A.O. towards unexplained investment under Section 69B and gross profit estimation. The Tribunal emphasized that the stock statement submitted to the bank was not accurate for tax purposes, as it was inflated for loan purposes. Additionally, the A.O. erred in estimating gross profit based on the stock statement without identifying any discrepancies in the books of accounts. Case-Laws Income Tax Fri, 20 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338119