https://www.taxtmi.com/caselaws?id=343900 The Tribunal partly allowed the appeal by directing the re-computation of income in the IMFL business at 5% of the purchase price. However, the treatment of unexplained investment as income from other sources was upheld due to the lack of evidence provided by the assessee. The Tribunal found the initial profit estimation by the Assessing Officer to be high and relied on a 5% profit margin as reasonable in the IMFL business based on a similar case, ultimately leading to the appeal being allowed on the income estimation issue. en-us Wed, 31 May 2017 00:00:00 +0530 Mon, 05 Jun 2017 07:10:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343900 The Tribunal partly allowed the appeal by directing the re-computation of income in the IMFL business at 5% of the purchase price. However, the treatment of unexplained investment as income from other sources was upheld due to the lack of evidence provided by the assessee. The Tribunal found the initial profit estimation by the Assessing Officer to be high and relied on a 5% profit margin as reasonable in the IMFL business based on a similar case, ultimately leading to the appeal being allowed on the income estimation issue. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343900