https://www.taxtmi.com/caselaws?id=371865 The Tribunal partly allowed the assessee's appeals, directing the Assessing Officer (AO) to estimate net profit at 3.23% on the turnover differences for each year independently, rather than taxing gross profit. The AO's additions based on survey discrepancies were not upheld as the Tribunal found the turnover did not belong to the assessee firm. The Tribunal emphasized that the department should not reopen assessments after accepting additional income to cover survey discrepancies to maintain its credibility. en-us Fri, 07 Dec 2018 00:00:00 +0530 Thu, 13 Dec 2018 14:05:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371865 The Tribunal partly allowed the assessee's appeals, directing the Assessing Officer (AO) to estimate net profit at 3.23% on the turnover differences for each year independently, rather than taxing gross profit. The AO's additions based on survey discrepancies were not upheld as the Tribunal found the turnover did not belong to the assessee firm. The Tribunal emphasized that the department should not reopen assessments after accepting additional income to cover survey discrepancies to maintain its credibility. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371865