https://www.taxtmi.com/caselaws?id=383050 The Tribunal dismissed the Revenue's appeal and partly allowed the cross-objection filed by the assessee. It upheld the CIT(A)'s deletion of additions for unexplained sundry creditors and unexplained loan. The Tribunal directed the AO to estimate the net profit at 0.80% instead of 1%, emphasizing the need for thorough verification before making additions based on "preponderance of probability." en-us Fri, 12 Jul 2019 00:00:00 +0530 Mon, 15 Jul 2019 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383050 The Tribunal dismissed the Revenue's appeal and partly allowed the cross-objection filed by the assessee. It upheld the CIT(A)'s deletion of additions for unexplained sundry creditors and unexplained loan. The Tribunal directed the AO to estimate the net profit at 0.80% instead of 1%, emphasizing the need for thorough verification before making additions based on "preponderance of probability." Case-Laws Income Tax Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383050