https://www.taxtmi.com/caselaws?id=344927 The court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's order for the assessment year 2008-09. The case involved undisclosed business income from unrecorded purchases and stock valuation discrepancies in a wholesale grocery business. The Tribunal found the Revenue's additions unjustified, accepting only 5% of certain purchases as undisclosed income due to lack of evidence. Additionally, the court upheld the Tribunal's decision on stock valuation, emphasizing the importance of factual evidence in tax assessments. The appeal was rejected as no substantial legal question was identified. en-us Thu, 29 Jun 2017 00:00:00 +0530 Tue, 08 Aug 2017 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344927 The court dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's order for the assessment year 2008-09. The case involved undisclosed business income from unrecorded purchases and stock valuation discrepancies in a wholesale grocery business. The Tribunal found the Revenue's additions unjustified, accepting only 5% of certain purchases as undisclosed income due to lack of evidence. Additionally, the court upheld the Tribunal's decision on stock valuation, emphasizing the importance of factual evidence in tax assessments. The appeal was rejected as no substantial legal question was identified. Case-Laws Income Tax Thu, 29 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344927