https://www.taxtmi.com/caselaws?id=345254 The High Court remitted the issue of interpreting the net profit rate for the assessment year 2005-06 back to the Tribunal for reconsideration. Regarding the treatment of agricultural income under Section 68, the Court upheld the Commissioner's decision to delete the addition after verifying the partners' assessment records. The Court emphasized that unexplained credits in the books of an assessee can be charged to income tax if not satisfactorily explained, and upheld the deletion of the addition related to agricultural income. The appeal was disposed of in favor of the appellant on both issues. en-us Mon, 05 Jun 2017 00:00:00 +0530 Wed, 12 Jul 2017 07:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345254 The High Court remitted the issue of interpreting the net profit rate for the assessment year 2005-06 back to the Tribunal for reconsideration. Regarding the treatment of agricultural income under Section 68, the Court upheld the Commissioner's decision to delete the addition after verifying the partners' assessment records. The Court emphasized that unexplained credits in the books of an assessee can be charged to income tax if not satisfactorily explained, and upheld the deletion of the addition related to agricultural income. The appeal was disposed of in favor of the appellant on both issues. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345254