https://www.taxtmi.com/caselaws?id=380383 The Tribunal partially allowed the appeals, ruling in favor of the assessee on all three issues. It directed the Assessing Officer to assess income from suppressed sales based on net profit, deleted disallowances under sections 40A(3) and 40(a)(ia) as income was estimated using net rate of profit, and taxed only gross profit from excess stock found during a survey. The decisions were guided by relevant case law and legal precedents, resulting in a nuanced resolution of the case. en-us Tue, 23 Apr 2019 00:00:00 +0530 Sat, 18 May 2019 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380383 The Tribunal partially allowed the appeals, ruling in favor of the assessee on all three issues. It directed the Assessing Officer to assess income from suppressed sales based on net profit, deleted disallowances under sections 40A(3) and 40(a)(ia) as income was estimated using net rate of profit, and taxed only gross profit from excess stock found during a survey. The decisions were guided by relevant case law and legal precedents, resulting in a nuanced resolution of the case. Case-Laws Income Tax Tue, 23 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380383