https://www.taxtmi.com/caselaws?id=349477 The Tribunal upheld the appointment of a special auditor and the validity of the special audit report under Section 142(2A). It confirmed the rejection of books of accounts, the estimation of net profit rate at 12.5%, and additions for undisclosed capital, unexplained investments, unaccounted income, and unverified bank deposits. The Tribunal allowed the deletion of additions for unexplained cash credit and cash payments above Rs. 20,000. It upheld the deletion of most additions for unexplained expenditure but confirmed specific additions for further examination. Both the assessee and Revenue appeals were dismissed, emphasizing proper documentation and verification in tax assessments. en-us Mon, 09 Oct 2017 00:00:00 +0530 Sat, 14 Oct 2017 07:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349477 The Tribunal upheld the appointment of a special auditor and the validity of the special audit report under Section 142(2A). It confirmed the rejection of books of accounts, the estimation of net profit rate at 12.5%, and additions for undisclosed capital, unexplained investments, unaccounted income, and unverified bank deposits. The Tribunal allowed the deletion of additions for unexplained cash credit and cash payments above Rs. 20,000. It upheld the deletion of most additions for unexplained expenditure but confirmed specific additions for further examination. Both the assessee and Revenue appeals were dismissed, emphasizing proper documentation and verification in tax assessments. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349477