https://www.taxtmi.com/caselaws?id=344169 The Tribunal partly allowed the Assessee's appeal by reducing the Net Profit (NP) rate to 4% without deductions, based on precedents supporting lower rates. The Revenue's appeal was dismissed, affirming the deletion of the addition under Section 68 due to partners' explained deposits. The decision stressed adherence to legal precedents and proper assessment procedures under the Income Tax Act. en-us Mon, 29 May 2017 00:00:00 +0530 Sat, 10 Jun 2017 05:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344169 The Tribunal partly allowed the Assessee's appeal by reducing the Net Profit (NP) rate to 4% without deductions, based on precedents supporting lower rates. The Revenue's appeal was dismissed, affirming the deletion of the addition under Section 68 due to partners' explained deposits. The decision stressed adherence to legal precedents and proper assessment procedures under the Income Tax Act. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344169