https://www.taxtmi.com/caselaws?id=381083 The Appellate Tribunal partially allowed all appeals filed by the assessee in a tax matter. The Tribunal directed the Assessing Officer to assess income from undisclosed sales based on the net profit rate disclosed in regular books of account. Disallowances under sections 40A(3) and 40(a)(ia) were deleted as income had been estimated using the net rate of profit. Additionally, only the gross profit related to excess stock found during a survey was to be taxed, with the balance addition being deleted. en-us Tue, 23 Apr 2019 00:00:00 +0530 Tue, 04 Jun 2019 08:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381083 The Appellate Tribunal partially allowed all appeals filed by the assessee in a tax matter. The Tribunal directed the Assessing Officer to assess income from undisclosed sales based on the net profit rate disclosed in regular books of account. Disallowances under sections 40A(3) and 40(a)(ia) were deleted as income had been estimated using the net rate of profit. Additionally, only the gross profit related to excess stock found during a survey was to be taxed, with the balance addition being deleted. Case-Laws Income Tax Tue, 23 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381083