https://www.taxtmi.com/caselaws?id=360710 The High Court ruled against the Revenue in a tax case involving unaccounted income identified through show-cause notices by the Excise Department. The Court rejected the Assessing Officer's estimation of profit margin at 25% and upheld the CIT(A)'s decision to reduce it to 9%. Emphasizing the need for concrete evidence, the Court criticized the lack of independent material supporting the tax evasion allegations. The Court concluded that the Assessing Officer lacked sufficient grounds for making additions, leading to the dismissal of all Tax Appeals. en-us Wed, 25 Apr 2018 00:00:00 +0530 Mon, 21 May 2018 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360710 The High Court ruled against the Revenue in a tax case involving unaccounted income identified through show-cause notices by the Excise Department. The Court rejected the Assessing Officer's estimation of profit margin at 25% and upheld the CIT(A)'s decision to reduce it to 9%. Emphasizing the need for concrete evidence, the Court criticized the lack of independent material supporting the tax evasion allegations. The Court concluded that the Assessing Officer lacked sufficient grounds for making additions, leading to the dismissal of all Tax Appeals. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360710