https://www.taxtmi.com/caselaws?id=351847 The tribunal partly allowed the appeal, directing the matter back to the CIT(A) to ascertain the extent of disallowance. The tribunal found the assessee's claims regarding credit card transactions unsubstantiated, emphasizing the lack of evidence supporting the alleged resale of goods at a discount to generate cash. The tribunal dismissed the argument that credit card purchases should be considered as turnover for calculating gross profit, highlighting the unexplained source of cash used for purchases. The case outcome was a partial allowance of the appeal, with further assessment required by the CIT(A). en-us Tue, 28 Nov 2017 00:00:00 +0530 Sun, 03 Dec 2017 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351847 The tribunal partly allowed the appeal, directing the matter back to the CIT(A) to ascertain the extent of disallowance. The tribunal found the assessee's claims regarding credit card transactions unsubstantiated, emphasizing the lack of evidence supporting the alleged resale of goods at a discount to generate cash. The tribunal dismissed the argument that credit card purchases should be considered as turnover for calculating gross profit, highlighting the unexplained source of cash used for purchases. The case outcome was a partial allowance of the appeal, with further assessment required by the CIT(A). Case-Laws Income Tax Tue, 28 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351847