https://www.taxtmi.com/caselaws?id=367279 The Tribunal directed the Assessing Officer to re-compute the income at 5% of the purchase price instead of the initially estimated 20%, finding the latter excessive for the Indian made foreign liquor (IMFL) business. The Tribunal remitted the matter of unexplained expenditure and telescopic benefit back to the AO for fresh consideration. Additionally, the Tribunal upheld the decision to treat the amounts related to trade creditors and unsecured loans as unproved and added them under section 68 of the Act. The appeal was partly allowed, with specific issues remitted for reassessment and others upheld as per the Commissioner of Income Tax (Appeals) order. en-us Wed, 12 Sep 2018 00:00:00 +0530 Tue, 18 Sep 2018 08:02:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367279 The Tribunal directed the Assessing Officer to re-compute the income at 5% of the purchase price instead of the initially estimated 20%, finding the latter excessive for the Indian made foreign liquor (IMFL) business. The Tribunal remitted the matter of unexplained expenditure and telescopic benefit back to the AO for fresh consideration. Additionally, the Tribunal upheld the decision to treat the amounts related to trade creditors and unsecured loans as unproved and added them under section 68 of the Act. The appeal was partly allowed, with specific issues remitted for reassessment and others upheld as per the Commissioner of Income Tax (Appeals) order. Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367279