https://www.taxtmi.com/caselaws?id=352343 The Tribunal directed the Assessing Officer to estimate the profit on the sale of Indian Made Foreign Liquor (IMFL) at 5% of the purchase price, deeming it reasonable. Additionally, the Tribunal upheld the addition of Rs. 7,92,954 as unexplained income due to the assessee's failure to adequately prove the source of the investment, emphasizing the burden of proof lies with the assessee. The Tribunal rejected additional evidence submitted by the assessee as it did not sufficiently establish the creditworthiness of the parties involved. en-us Wed, 06 Dec 2017 00:00:00 +0530 Tue, 12 Dec 2017 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352343 The Tribunal directed the Assessing Officer to estimate the profit on the sale of Indian Made Foreign Liquor (IMFL) at 5% of the purchase price, deeming it reasonable. Additionally, the Tribunal upheld the addition of Rs. 7,92,954 as unexplained income due to the assessee's failure to adequately prove the source of the investment, emphasizing the burden of proof lies with the assessee. The Tribunal rejected additional evidence submitted by the assessee as it did not sufficiently establish the creditworthiness of the parties involved. Case-Laws Income Tax Wed, 06 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352343