https://www.taxtmi.com/caselaws?id=359946 The Tribunal directed the Assessing Officer to re-compute the income of the assessee at 5% of the purchase price for the IMFL business, allowing the appeal on this ground. Additionally, the Tribunal ruled in favor of the assessee regarding the addition of unproved creditors, highlighting the importance of proper documentation and accurate estimation in income assessment. The judgment emphasized fair treatment for taxpayers based on relevant legal precedents, granting telescopic benefit to the unproved creditors' amount and deleting the addition. en-us Fri, 04 May 2018 00:00:00 +0530 Mon, 07 May 2018 08:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359946 The Tribunal directed the Assessing Officer to re-compute the income of the assessee at 5% of the purchase price for the IMFL business, allowing the appeal on this ground. Additionally, the Tribunal ruled in favor of the assessee regarding the addition of unproved creditors, highlighting the importance of proper documentation and accurate estimation in income assessment. The judgment emphasized fair treatment for taxpayers based on relevant legal precedents, granting telescopic benefit to the unproved creditors' amount and deleting the addition. Case-Laws Income Tax Fri, 04 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359946