https://www.taxtmi.com/caselaws?id=272923 The appeal by the revenue challenging the deletion of an addition in the net profit under section 145(3) and the direction to accept the income declared by the assessee was partially allowed. The court found that discrepancies in sales figures did not warrant invoking sec. 145(3) as the business was regulated by the Excise Department and had no discrepancies in quantitative details or purchase prices. The net profit rate was considered reasonable, leading to the direction to compute business income based on the disclosed turnover. Interest income was treated separately and added as income from other sources. (Court, June 2011) en-us Wed, 15 Jun 2011 00:00:00 +0530 Thu, 24 May 2018 18:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272923 The appeal by the revenue challenging the deletion of an addition in the net profit under section 145(3) and the direction to accept the income declared by the assessee was partially allowed. The court found that discrepancies in sales figures did not warrant invoking sec. 145(3) as the business was regulated by the Excise Department and had no discrepancies in quantitative details or purchase prices. The net profit rate was considered reasonable, leading to the direction to compute business income based on the disclosed turnover. Interest income was treated separately and added as income from other sources. (Court, June 2011) Case-Laws Income Tax Wed, 15 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272923