https://www.taxtmi.com/caselaws?id=274172 The High Court upheld the Tribunal's decision to delete additions on account of unverifiable purchases, reduce trading additions by applying a lower gross profit rate, and delete additions made on excess stock found during search operations. The Court emphasized the need for substantial evidence to support income additions and rejected additions based solely on speculation or uncorroborated statements. The Court ruled in favor of the department on various appeal questions, remitting the issue of bogus purchases back to the Assessing Officer for further examination with the opportunity for evidence presentation. en-us Thu, 24 Aug 2017 00:00:00 +0530 Tue, 31 Jul 2018 21:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274172 The High Court upheld the Tribunal's decision to delete additions on account of unverifiable purchases, reduce trading additions by applying a lower gross profit rate, and delete additions made on excess stock found during search operations. The Court emphasized the need for substantial evidence to support income additions and rejected additions based solely on speculation or uncorroborated statements. The Court ruled in favor of the department on various appeal questions, remitting the issue of bogus purchases back to the Assessing Officer for further examination with the opportunity for evidence presentation. Case-Laws Income Tax Thu, 24 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274172