https://www.taxtmi.com/caselaws?id=10739 The court partially allowed the appeal by the Revenue, remanding the assessment to the Assessing Officer for further investigation. The lower appellate forums' decisions were set aside, emphasizing the importance of the assessee providing documented evidence to substantiate purchases. The court highlighted the distinction between turnover and net income, directing thorough verification by the Assessing Officer and prompt conclusion of the inquiry within a specified timeframe. en-us Wed, 15 Dec 2004 00:00:00 +0530 Wed, 22 Jul 2009 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10739 The court partially allowed the appeal by the Revenue, remanding the assessment to the Assessing Officer for further investigation. The lower appellate forums' decisions were set aside, emphasizing the importance of the assessee providing documented evidence to substantiate purchases. The court highlighted the distinction between turnover and net income, directing thorough verification by the Assessing Officer and prompt conclusion of the inquiry within a specified timeframe. Case-Laws Income Tax Wed, 15 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10739