https://www.taxtmi.com/caselaws?id=357898 The Tribunal partly allowed the appeal, directing the AO to use the average GP rate of past years for income computation. The addition of Rs. 9,40,000 under section 68 for unexplained credit was upheld due to the assessee's failure to prove the genuineness of the transaction. The disallowance of expenses was dismissed as the assessee did not press the ground during the hearing. en-us Thu, 08 Mar 2018 00:00:00 +0530 Mon, 02 Apr 2018 08:18:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357898 The Tribunal partly allowed the appeal, directing the AO to use the average GP rate of past years for income computation. The addition of Rs. 9,40,000 under section 68 for unexplained credit was upheld due to the assessee's failure to prove the genuineness of the transaction. The disallowance of expenses was dismissed as the assessee did not press the ground during the hearing. Case-Laws Income Tax Thu, 08 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357898